1 for 8.5 Renounceable Rights Offer Document

7 November 2023 NZX Announcement For immediate release NZ WINDFARMS LIMITED: 1 FOR 8.5 RENOUNCEABLE RIGHTS OFFER - CHAIR'S LETTER AND RIGHTS OFFER DOCUMENT Dear Shareholder, The Directors of NZ Windfarms Limited are pleased to offer you the opportunity to participate in our 1 for 8.5 pro rata renounceable rights issue, offering up to 39,000,000 new fully paid ordinary shares at NZ$0.155 per share. On 25 October 2023 NZ Windfarms announced its agreement with Meridian Energy Limited ("Meridian") to pursue, subject to conditions (including shareholder approval), the development and repower of the Te Rere Hau wind farm, as well as a placement of shares to Meridian. Meridian now holds approximately 13% of the shares in NZ Windfarms. I encourage you to read our announcement which is available here https://www.nzx.com/announcements/420505 as it sets out particulars of these important changes for NZ Windfarms. The repower and expansion of Te Rere Hau, assuming it goes ahead, will provide NZ Windfarms with an anchor for future growth into other renewable energy development opportunities. NZ Windfarms has used the funds raised from the placement to Meridian substantially to repay bank debt. Proceeds of this rights issue will be used to fund the company's operations through to a final investment decision on the repower and to pursue other new development opportunities. The offer is made at the same price (NZ$0.155 per share) as shares issued by the company to Meridian on 25 October 2023. The offer price is above the market price of NZ Windfarms' shares on the NZX Main Board on that date. BEFORE DECIDING WHETHER TO ACCEPT THIS OFFER, YOU SHOULD COMPARE THE ISSUE PRICE WITH THE CURRENT MARKET PRICE OF NZ WINDFARMS' SHARES. YOU HAVE UNTIL 5.00PM ON 20 NOVEMBER 2023 TO SUBSCRIBE FOR NEW SHARES, UNLESS THE OFFER IS EXTENDED. The Rights are quoted on the NZX Main Board under ticker code NWFRB. So, if there are offers for the Rights, Eligible Shareholders who do not wish to apply for shares may sell all or some of their Rights on the NZX Main Board up to 14 November 2023. Further details about the rights issue and the terms and conditions of the issue are set out in the attached Offer Document. To take up all or some of your rights, please complete the online application at https://nzwindfarms.capitalraise.co.nz, by no later than 5.00pm (NZ time) on 20 November 2023. Payment of your Application Monies can be made by direct debit in New Zealand dollars. Please read the attached Offer Document carefully before deciding what to do. If you have any questions about how to deal with your rights, I encourage you to talk to a professional adviser. On behalf of the Board, I invite you to consider this opportunity and thank you in advance for your ongoing support of NZ Windfarms Limited. Yours sincerely, Craig H. Stobo Chair E: info@nzwindfarms.co.nz P: +64 6 280 2773 End CA:00421157 For:NWF Type:OFFER Time:2023-11-07 08:31:41