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Evergreen looks to wind farm

Friday 22nd July 2005

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Evergreen Forests Limited Chairman Peter Wilson says that the company is in discussion with Mighty River Power over a potential large scale wind farm development on Evergreen Forests Limited's West Coast North Island property.

Initial technical work has been completed and the scale of the potential project and the preliminary economic analysis indicates significant potential for the site, but will require further investigation to confirm.

Mighty River Power chief executive Dr Doug Heffernan said the company was very interested in continuing investigation into the potential development, especially given that this single project could deliver up to 2% of New Zealand's electricity needs close to our major centre of population.

Evergreen also said yesterday that it intends to announce the results of its asset sale/recapitalisation process soon.

The board considered binding bids this week. Wilson said that the company has commissioned valuers to undertake an assessment of the land value and that this information would provide guidance to the board in its assessment of offers.

The company would announce the result of the land valuation as soon as this is finalised.

Evergreen owns or has cutting rights to more than 19,184 stocked hectares (47,404 acres) planted in fast-growing radiata pine. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island.

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