Meridian and NZ Windfarms to repower Te Rere Hau wind farm

Meridian and NZ Windfarms have agreed to form a 50-50 joint venture to repower and extend the Te Rere Hau wind farm. The project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170 MW. This will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the existing fleet. The Te Rere Hau wind farm is located near Palmerston North on the Tararua Ranges, which offer some of the best wind resource in New Zealand. Originally constructed in 2006 with five turbines, the wind farm currently has 91 small turbines with total installed capacity of 45.5 MW. In May 2023, NZ Windfarms obtained a two-year fast track consent for the first phase of the project, consisting of approximately 30 new larger turbines. A second phase of fast-tracked consent for the expansion of the project (the Aokautere Extension) is being sought, involving a further nine turbines. Meridian will lead the remaining development activities and intends to enter into a 15-year power purchase agreement for all of the electricity produced from the repowered project. Meridian has also agreed to subscribe for shares in NZ Windfarms representing up to a 19.99% shareholding, on terms separately announced by NZ Windfarms. The repowering project has an estimated capital cost in the order of $500 million to $600 million, with a final investment decision expected in Q2 2025 and expected completion towards the end of 2027. Further information on the repowering project can be found in the attached presentation. End CA:00420507 For:MEL Type:TRANSACT Time:2023-10-26 08:31:27