QUARTER: NWF: FOURTH QUARTER OPERATING STATISTICS AND UPDATE

27 Jul 2010 1:16 pm

NWF 27/07/2010 QUARTER

REL: 1316 HRS NZ Windfarms Limited

QUARTER: NWF: FOURTH QUARTER OPERATING STATISTICS AND UPDATE

FOURTH QUARTER OPERATING STATISTICS AND UPDATE

NZ Windfarms Limited ("NWF") advises the following operating statistics for the fourth quarter:

Fourth Quarter - 1 April 2010 to 30 June 2010

2010 2009 % Change

Electricity generation output - MWh 18,067 10,501 +72.1% Revenue from electricity sales $ 1,002,935 $504,365 +98.9% Average electricity price - $/MWh $55.51 $48.03 +15.6% Turbine availability (average) 96.2% 90.6%

Financial year - 1 July 2009 to 30 June 20101

2010 2009 % Change Electricity generation output - MWh 78,383 19,873 +294.4% Revenue from electricity sales $4,147,279 $811,701 +410.9% Average electricity price - $/MWh $52.91 $40.84 +29.6% Turbine availability (average) 95.1% 93.1%

Note: 1. 2009 Financial Year comparatives include the Group's 50% share of output and electricity revenue from the Te Rere Hau Wind Farm Joint Venture to 4 December 2008 and its 100% share from 5 December 2008. Financial Year 2010 includes 100% of output and electricity revenue from the Te Rere Hau wind farm. 2. Revenue figures exclude GST. Figures subject to any wash-ups. Outcomes for the Company are dependent on weather conditions and electricity prices which are both subject to variability. Output and revenue for April was close to forecast, but for both May and June average wind speed was well below long term averages resulting in low output. Spot electricity prices were also lower than expected over May and June due to very high hydro inflows and resultant high hydro storage levels in the South Island lakes. The combination of these two factors meant revenue was well below forecast for these two months.

Construction works on the Eastern Extension are now well underway. We have experienced some delays which have put our anticipated construction programme back by several months but we are working to try and minimise these.

2 Aeolian Property Company Limited has served notice of exercise of its put option over the main wind farm. That means that during August NZ Windfarms will acquire the land and wind rights associated with the existing farm.

Chief Executive, Steve Cross, finishes his contract on 31 July 2010. Chairman, Derek Walker, said that the Board wished to acknowledge the contribution Steve had made during his tenure. He said Steve had addressed some big challenges over the period and he leaves with the Company in a much stronger position.

ENDS

For further enquiries contact:

Steve Cross Chief Executive Officer Ph (03) 943 5410 End CA:00197675 For:NWF Type:QUARTER Time:2010-07-27:13:16:44

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