ALLOT: NWF: Issue of fully paid ordinary shares

5 May 2010 8:56 am

NWF 05/05/2010 ALLOT

REL: 0856 HRS NZ Windfarms Limited

ALLOT: NWF: Issue of fully paid ordinary shares

NZX Announcement

5 May 2010

For immediate release

LISTING RULE 7.12.1 - ISSUE OF FULLY PAID ORDINARY SHARES NZ Windfarms Limited ("NWF") advises that it has issued 209,504,387 fully paid ordinary shares in NWF ("New Shares") pursuant to applications and underwriting commitments in respect of its 8 for 3 renounceable rights issue which closed at 5.00 pm on Thursday 29 April 2010. Pursuant to NZSX Listing Rule 7.12.1 NWF advises as follows: (a) Class of Security and ISIN: NZ Windfarms Limited ordinary shares/NZNWFE0001S1 (b) Number of Securities issued: 209,504,387. (c) Issue price: NZ$0.15. (d) Payment: Cash. (e) Percentage of the total class of securities issued: 72.7285% (f) Reason for issue: To fund completion of the Te Rere Hau wind farm project, repay the $6.5m bridge loan facility provided by Vector Limited in December 2009 and to fund the Company's ongoing working capital requirements. (g) Specific authority for issue: Board resolution dated 6 April 2010. (h) Terms or details of issue: The New Shares will rank equally in all respects, including as to dividends and voting with existing shares. (i) Total number of shares in existence after the issue: 288,063,584. (j) Date of issue: 4 May 2010.

LISTING RULE 7.14.1 - NOTIFICATION OF LEVEL OF SUBSCRIPTION

Pursuant to NZSX Listing Rule 7.14.1, NWF advises as follows:

(a) Subscriptions received: 195,635,131 New Shares totalling NZ$29,345,269.65, representing a take-up of approximately 93.4%;

(b) Under subscription: 13,869,256 New Shares totalling NZ$2,080,388.40, representing a shortfall of approximately 6.6%.

Chairman Derek Walker commented that NZ Windfarms was pleased with the level of uptake under the rights issue and that the company had raised the full $31.4m sought under the capital raising.

Further enquiries please contact:

Steve Cross Chief Executive Officer Ph (03) 943 5410 End CA:00194518 For:NWF Type:ALLOT Time:2010-05-05:08:56:22

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