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Northpower sets out ten-year investment plan

Northpower sets out ten-year investment plan

…$194 million regional investment by Northpower

Northpower Limited has set out it its ten-year investment plan that will inject almost $200 million in the Kaipara and Whangarei economies.

The announcement comes on the back of a strong result for the 2018 financial year and follows the recent Northpower Trust Annual Meeting in Dargaville.

After investing $25 million in maintenance and capital expenditure on its electricity network the past financial year alone, Northpower has reiterated its ten-year plan to further renew and modernise its network. The company will spend $194 million in the next decade.

By doing so, Northpower is ensuring it provides a safe, secure and reliable electricity network to support the region’s economy, capable of supporting new technologies like electric vehicles, roof top solar and energy storage technologies as they become mainstream in the years to come.

Chief Executive Andrew McLeod believes the investment roadmap is a critical contribution to supporting economic growth in the region.

“As a proudly Northland owned company, we are strongly focussed on maximising our contribution in Kaipara and Whangarei by delivering quality infrastructure to the region at an affordable price,” says Mr McLeod.

“We are pleased with our business performance this past year as we have sharpened our focus on our role in Northland and our New Zealand contraction operations. Supporting the communities and clients that have supported us over the years is at the heart of our business.

“We also feel it is important to be actively involved in the community. That’s why we are continuing to support sponsorships like the Northland Rescue Helicopter Service - which will be celebrating 30 years of saving lives later this year - and other excellent community initiatives such as the Healthy Homes Tai Tokerau home insulation programme and the Tai Tokerau Education Trust which is providing chrome books to school students.”

Mr McLeod believes another critical boost to Northland is the expansion of the Northpower Fibre network beyond Whangarei to 12 more towns throughout Kaipara and Whangarei.

“This is an initiative we have been progressing with Crown Infrastructure Partners, and our crews are doing a great job rolling out fibre networks and connecting our Whangarei and Kaipara regions to fibre. This truly is world class communications infrastructure,” says Mr McLeod.

In Northpower’s 2018 financial year, Northpower Fibre connected 2,603 people to its UFB network in Whangarei and connected 306 new homes outside of the city. Strong connection growth has continued for the 2019 financial year growing by a further 1,044 new connections over the past four months.

Meantime, Northpower Limited connected 1,087 new homes to its electricity network in Kaipara (338 homes) and Whangarei (748 homes) in the 2018 financial year. Strong connection growth is expected to continue in the electricity network with 348 new connections already completed since April 1.

ends


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