CEN
15/02/2016 08:30
ASSET
NOT PRICE SENSITIVE
REL: 0830 HRS Contact Energy Limited
ASSET: CEN: Contact sells Otahuhu power station land
MEDIA RELEASE
For immediate release
Monday 15 February 2016
Contact sells Otahuhu power station land
Contact Energy Limited (Contact) today announced that it has sold the Otahuhu
power station land to Auckland developer Stonehill Property Trust, an entity
of Euroclass Design and Build for NZ$30 million. Under the terms of the sale,
Contact and Stonehill Property will also take an equal share in the proceeds
of the sale of plant and equipment onsite, over a 12 month period. The new
owners take possession of the property in February.
"We're pleased to have completed the sale in a manner which, when you factor
in an efficient sale and handover of the land and the planned plant and
equipment sales, delivers a return in line with our expectations on
announcing the closure in August 2015", says Dennis Barnes, Contact's Chief
Executive.
"Our decision to close our Otahuhu B station reflected the growth in
renewable electricity generation, such as the new Te Mihi geothermal power
station, which effectively replaced Otahuhu in Contact's portfolio."
Contact operates 11 power stations across New Zealand, including five
geothermal stations near Taupo, thermal stations in Stratford, Te Rapa and
Whirinaki, as well as hydroelectric stations in Clyde and Roxburgh.
ENDS
Investor enquiries: Fraser Gardiner 021 228 3688
Media enquiries: Shaun Jones 021 204 4521
End CA:00277600 For:CEN Type:ASSET Time:2016-02-15 08:30:10
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