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NZ Windfarms secures $31.4M as major shareholders underwrite offer

Wednesday 28th April 2010

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New Zealand Windfarms, the listed Manawatu windfarm operator, has secured the $31.4 million of equity funding it sought to complete the Te Rere Hau extension and to buy out owners of the site.

Vector, which Windfarms’ shareholders have given approval to lift its stake to 40% from 20%, will take up $6.28 million of shares at 15 cents apiece and has committed to underwriting a further $6.28 million. AMP Capital Investors, Tyndall Investment Management, Accident Compensation Corp. and Rotorua Perpetual Capital Fund also agreed to take up their rights and underwrite a similar amount.

The eight for three pro-rata renounceable rights issue is for up to about 209.5 million ordinary shares.

Shares of Windfarms jumped 8% to 27 cents today and have gained 23% in the past month. The company said this week that revenue jumped to $1.5 million in the January-March quarter from just $194,000 a year earlier.

Its Te Rere Hau wind farm is operating at close to capacity, as its average price paid for electricity jumped 136% in the March quarter to $75.86/MW, from just $32.15 a year earlier, it said.

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