Mercury NZ shares rise on new $261m wind farm
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More news: Mercury NZ shares climbed at market open on the ASX as the electricity company announced the construction of a new $261 million wind farm on New Zealand's North Island.
Mercury shares were up 2.4% to $5.47 by 10:40am AEDT, having dipped around 10% since the turn of the year.
Mercury NZ to build $261m wind farm
The news: Auckland-based electricity company Mercury NZ has confirmed it will construct a NZD287 million ($261 million) wind farm in Northland, on New Zealand's North Island, bringing its total commitment to new renewables to more than NZD1 billion over two years.
The numbers: Once completed, the 12-turbine, 77 megawatt wind farm will generate enough renewable electricity to power around 27,000 homes, Mercury said.
The context: Construction of the Kaiwaikawe project is expected to start in January 2025, at which point Mercury will have three renewable energy projects under construction simultaneously, including expansions to its Ngā Tamariki geothermal power station and Kaiwera Downs wind farm.
First generation at Kaiwaikawe is due in mid-2026 and full generation by the end of 2026.
What they said: "This project is an example of the huge level of activity underway across the energy sector to ensure we continue to support New Zealand's move to electrification and to increase the country's security of supply," Mercury's chief executive Stew Hamilton said.
The source: ASX announcement
