Ann: GENERAL: NWF: Renewal of Bank of New Zealand

• Release Date: 31/10/13 19:00
• Summary: GENERAL: NWF: Renewal of Bank of New Zealand Guarantee
• Price Sensitive: No
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					NWF
31/10/2013 17:00
GENERAL

REL: 1700 HRS NZ Windfarms Limited

GENERAL: NWF: Renewal of Bank of New Zealand Guarantee

NZX Announcement

31 October 2013

For Immediate Release

RENEWAL OF BANK OF NEW ZEALAND GUARANTEE

NZ Windfarms Limited ("NWF") advises that Bank of New Zealand ("BNZ")
guarantee in favour of Powerco Transmission Services Limited ("Powerco") for
$11,072,000, as referred to on page 40 of the Annual Report for the year
ended 30 June 2013, has been renewed for the year to 31 October 2014.

This guarantee is a requirement of the line services agreement with Powerco,
and supports NWF's obligations under that agreement.

The guarantee is secured by way of security interests over the present and
after-acquired property, of NWF and its subsidiaries, including first
mortgages over the Group's land and a specific security interest over $6.5
million of cash deposited with BNZ.  The revised arrangement results in a 28%
reduction in the cost of the guarantee.

ENDS

For further enquiries contact:

Derek Eades
Chief Financial Officer
Ph (021) 936 353
End CA:00243182 For:NWF    Type:GENERAL    Time:2013-10-31 17:00:35