Ann: GENERAL: TPW: TPW Advances Australian Snowto

• Release Date: 02/05/12 12:42
• Summary: GENERAL: TPW: TPW Advances Australian Snowtown Wind Farm Expansion
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TPW
02/05/2012 10:42
GENERAL

REL: 1042 HRS TrustPower Limited

GENERAL: TPW: TPW Advances Australian Snowtown Wind Farm Expansion

Media Release
Wednesday, 2 May 2012
TrustPower Advances Australian Snowtown Wind Farm Expansion
TrustPower has concluded a number of conditional agreements that have
significantly advanced its plans for an expansion of its existing 100MW Wind
Farm at Snowtown, 160km North West of Adelaide, in South Australia.
TrustPower has entered into a power sale and purchase agreement for the
output of Snowtown II with Origin Energy, which already has a purchase
agreement for 89% of the Snowtown 1 facility.
Under the terms of a new 15 year agreement, Origin will be supplied with 100%
of the output and Renewable Energy Certificates (RECs), with the agreement
expected to take effect in 2014 following the wind farm's construction and
commissioning.
The Snowtown II Wind Farm, as the expansion will be known, will be located
adjacent to the existing Snowtown 1 facility and comprise 90 turbines with an
installed capacity of 270MW. The 3MW  turbines for the expansion will be
supplied by Siemens.
TrustPower is pleased to have the support of the local community for this
expansion, which will further cement the positive relationships established
with the Snowtown Lions club and the establishment four years ago of the
TrustPower Snowtown Lend a Hand Foundation.
New Zealand based TrustPower has been active in Australia for 10 years, as a
result of the support by successive Australian governments of the 20%
Renewable Energy by 2020 target.
TrustPower Chief Executive Vince Hawksworth says the Australian Government's
commitment to the 20% by 2020 policy directly resulted in the building of
Snowtown 1, and now looks likely to make another sustainable leap forward
with the building of Snowtown II.
"We believe that continued support of the Renewable Energy Target will result
in further investment to achieve the policy objective. As part of our broader
strategy, TrustPower is pursuing additional opportunities in Australia
because of that. "
It is intended that Snowtown Stage 2 will be split into two separately
metered wind farms, 144MW which will be owned by TrustPower and 126MW by a
co-investor. TrustPower will be the operator for the total Snowtown wind farm
site under a long term management services arrangement. TrustPower is
currently running a targeted selection process to identify a co-investor and
hopes to make an announcement within the next few months.
About TrustPower:
TrustPower is New Zealand's fifth largest electricity retailer /generator,
and the sixth largest company by market capitalisation on the NZX.
From its base in Tauranga, TrustPower manages a portfolio of 36 hydro
generation stations, geographically spread across New Zealand, the Tararua
wind farm, New Zealand's largest, on the North Island's Tararua Ranges, a
second wind farm at Mahinerangi in the South Island,  a diesel peaking plant
adjacent to the New Zealand oil refinery at Marsden Point, and the Snowtown
wind farm in South Australia.
TrustPower, which has shareholder funds in excess of $1.4 billion and annual
operating revenue in excess of NZ$750 million, is 50.5% owned by New Zealand
Infrastructure Investment company Infratil, and 33% by the Tauranga Energy
Consumer Trust. The company, which employs some 480 people, has around
210,000 retail customers in New Zealand, where it generates, approximately,
2,425 GWh per annum.
TrustPower has been active in Australia for the past decade, and in addition
to its successful Snowtown Wind Farm in South Australia, is actively
exploring wind farm investment opportunities at sites it has been evaluating
in several other states.
TrustPower's largest shareholder, Infratil, is also active in Australia via
its Lumo Energy electricity retailing operation and Infratil Energy
Australia, which has investments in three peaking power stations with a total
of 100MW capacity, the Hunter Power station in NSW, and  a 65MW peaking
facility at Port Stanvas in South Australia which is currently under
construction. Infratil Energy Australia also holds 82% of shares in Perth
Energy, which has recently completed construction of a 120MW dual fuel power
station at Kwinana.

For further information please contact:
TrustPower
Vince Hawksworth
Chief Executive
Ph: +64 7 574 4861
Mobile: +64 21 223 4609
Origin
Media
Lina Melero
General Manager, Corporate Communication
Ph: +61 2 8345 5217
Mobile: +61 427 017 798
Investors
Kylie Springall
Manager, Investor Communication
Ph: +61 2 8345 5288
Mobile: +61 400 477 393
End CA:00222451 For:TPW    Type:GENERAL    Time:2012-05-02 10:42:37