MRP
19/01/2016 09:26
ASSET
NOT PRICE SENSITIVE
REL: 0926 HRS Mighty River Power Limited (NS)
ASSET: MRP: Mighty River Power purchasing leading solar company
Mighty River Power purchasing leading solar company
Mighty River Power is purchasing one of New Zealand's leading solar
businesses, What Power Crisis (WPC) - providing access to proven capability
and technical expertise in the growing opportunity of solar power.
Mighty River Power Chief Executive Fraser Whineray said while solar is a
niche renewable energy technology, it is becoming an increasingly popular
choice for New Zealand home owners and businesses.
New Zealand already has a world leading position with 80% renewable
electricity generation, supported by Mighty River Power's 100% renewable
hydro and geothermal generation. Solar, which accounts for less than 1% of
generation in New Zealand, is complementary to the country's hydro,
geothermal and wind resources, he said.
"We know a number of Kiwis are looking at solar to complement grid-connected
electricity. In the last two years solar installations have increased
fourfold up from around 2000 in January 2014 to more than 8000 now. We are
excited to be adding proven solar technology and installation expertise to
our business, and be able to introduce a solar offering for our customers
through Mercury Energy, our retail brand, in the near future," Mr Whineray
said.
Auckland-based WPC also has expertise in solar installation outside of New
Zealand, particularly in the Pacific, delivering both on and off grid
solutions with storage, including the Fred Hollows Foundation Eye Hospital in
the Solomon Islands, and commercial solar solutions for the Auckland Museum
and Air New Zealand.
Company founder Dave Keppel will remain with WPC as General Manager,
continuing to oversee operations on a day-to-day basis. Matt Olde, Chief
Executive of Mighty River Power's metering business, Metrix, will be
responsible for the solar business.
The purchase is due to settle at the end of February 2016. The purchase price
is not a material amount for Mighty River Power.
About What Power Crisis:
WPC was established in 2005 and carries out residential and commercial solar
PV installations throughout New Zealand and the Pacific Islands, including
the 50kWp system on the Auckland War Memorial Museum installed in 2014.
A recognised industry leader, Dave Keppel received the 'Supreme Award -
Industry Person of the Year' at last year's Sustainable Electricity
Association of New Zealand (SEANZ) Excellence in Solar Industry Awards. WPC
also received an award at the SEANZ event for its solar PV installation at
the Fred Hollows Foundation Eye Hospital in the Solomon Islands.
ENDS
For further information:
David Glendining
Head of Communications
T 0272 105 337
Tim Thompson
Investor Relations/Treasury
T 0275 173 470
End CA:00276528 For:MRP Type:ASSET Time:2016-01-19 09:26:59
