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Windfarms announces large output and revenue increase

Tuesday 27th April 2010

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NZ Windfarms, the listed Manawatu windfarm operator, said revenue jumped to $1.5 million in the January-March quarter from just $194,000 a year earlier. Its shares gained 8.7% to 25 cents.

Windfarms said 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.

Electricity output leapt 232% to 20,103 MW in the latest three months, up from 6,035 MW in the same period of 2009, as the company shrugged off ownership woes, battles over turbine supply and reliability, and environmental consents to build another adjacent windfarm.

Windfarms gained shareholder approval in early April to raise $34.1 million cash in an eight-for-three share issue, along with agreement that network company Vector can acquire up to 40% of its stock.

Funds related to Suncorp NZ, including Tyndall Investment Management, own about 11.5%.

Chief executive Steve Cross said Windfarms has sold all its 31,686 carbon emission units for 2008 and 2009 for just under $600,000.

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