Ann: ASSET: MEL: Meridian sells its share in Maca

• Release Date: 01/07/13 10:30
• Summary: ASSET: MEL: Meridian sells its share in Macarthur Wind Farm
• Price Sensitive: No
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MEL
01/07/2013 08:30
ASSET

REL: 0830 HRS Meridian Energy Limited

ASSET: MEL: Meridian sells its share in Macarthur Wind Farm

Meridian Energy announced today (9pm 28 June) that it has sold its interest
in Macarthur wind farm to Malakoff Corporation Berhad, a Malaysian power
generator and retailer.

Macarthur is operated by AGL Energy Limited. Meridian and AGL have been
working on the development since 2007 and in 2010 entered into a 50:50 joint
venture to build Macarthur with a view to a long term partnership and
investment in the Southern Hemisphere's largest wind farm.

Meridian Chief Executive Mark Binns says the partnership was an example of
Meridian applying its expertise in wind development to a successful
Australian venture. "Meridian is a long term investor in renewable generation
in Australia.

"While the Macarthur investment was intended to be held over the full project
term, the low interest rate environment and the opportunity to invest in
further wind farms in Australia provided a compelling reason to look at a
sale and the reinvestment of funds in future renewable generation options in
Australia.

"The sale of our share in Macarthur, at an Enterprise Value of A$659 million,
 has delivered a return that reflects our early stage involvement in
development, and our investment in construction plus capitalised interest,
holding costs and other expenses.  This shows that Meridian's renewable led
strategy is in good shape," says Mr Binns.

Meridian Energy Australia is committed to developing its presence in the
Australian energy market. Its core strategy is underpinned by renewable
energy generation. Meridian is currently constructing Mt Mercer wind farm, a
131 MW, 64 turbine project, located 30 km south of Ballarat. Meridian is
assessing a range of additional renewable energy opportunities across the
National Electricity Market and is well placed to roll out its Powershop
retail offer in Australia.

The involvement of the Clean Energy Finance Corporation in the refinancing of
the Macarthur wind farm will facilitate Meridian's ongoing activities in
Australia and Meridian looks forward to the opportunity for further
collaboration.

The Macarthur wind farm, comprising 140 Vestas 3 MW turbines, was completed
in early 2013. It has the capacity to power more than 220,000 average homes
in Victoria and abate more than 1.7 million tonnes of greenhouse gases every
year - the equivalent of taking more than 420,000 cars off the road.
ENDS

Janet Wright
External Communications
Meridian Energy
021 819 363
[email protected]
meridian.co.nz

For Investor Relations queries, please contact:
Owen Hackston
Investor Relations Manager
Meridian Energy
(04) 382 7496 or 021 246 4772
[email protected]

Meridian Energy - key facts and figures

Meridian Energy:

- is an integrated renewable energy company;  the largest electricity
generator in New Zealand; an electricity retailer throughout New Zealand;
with two wind farm developments and a growing Australian retail presence
through Powershop Australia
- employs approximately 800 permanent and fixed term staff in offices in
Wellington, Christchurch, Twizel, Auckland, San Francisco and Melbourne
- is committed to renewable energy, environmental stewardship and supporting
the communities living alongside its assets
End CA:00237987 For:MEL    Type:ASSET      Time:2013-07-01 08:30:05