Tuesday 5th August 2008
|Text too small?|
The $275 million hydro scheme in Marlborough's Wairau Valley has been granted resource consent, the company said in a statement. Opponents of the proposal, first mooted in 2002, have 28 days to appeal.
The marathon process through the Resource Management Act to get approval for the hydro plant highlights the commercial risks to projects in complying with the planning rules. TrustPower had spent NZ$2 million on its efforts by the time it gained an interim approval last year, according to spokesman Graeme Purches.
The restrictions of the RMA are "appalling," Purches said. "Once a final decision is gained, the board will have to sit down and do the economics of it."
TrustPower is nursing several other projects through the consent process. Its 200 MW Mahinerangi wind project has consent, subject to the shape of its final plan. The 240 MW Kaiwera Downs wind farm has consent subject to appeal and TrustPower is hopeful the 45 MW Arnold River hydro scheme on the West Coast won't be appealed.
TrustPower shares were unchanged at NZ$7.75.
No comments yet
TrustPower, Ngai Tahu Holdings may invest $106M in Ruataniwha water scheme
TrustPower generated less energy for fewer customers in the first quarter
Transpower to pay government special div of $65.7M from d-cyphaTrade sale
Transpower sells derivatives trading unit d-cyphaTrade to ASX for A$55 mln
TrustPower pays $13.7 million for Energy Direct NZ to widen customer base
TrustPower FY earnings fall 6 percent on dwindling customers, thinner margins; shares gain
TrustPower sets interest rate on seven- year bonds
TrustPower looks to raise $125M in bond sale
Transpower runs $30 million over budget on North Island upgrade
TrustPower pushes margins, sheds customers for 16% earnings rise