Meridian Energy has completed the sale of Tekapo A and B power stations on the Waitaki Power Scheme in the South Island to Genesis Energy. The projects sold for almost $821M.
Upon receipt of sale proceeds from Genesis Energy, Meridian paid a special dividend on 1 June to the government of almost $521.
Tekapo A and B are the first two of eight hydro power stations that make up the Waitaki Power Scheme. Meridian will continue to own and operate the remaining six power stations located from Lake Pukaki to Waitaki.
Meridian and Genesis Energy will work to a Water Management Agreement that allows both companies to utilise the water flowing through the interconnected lakes and canals to generate electricity at their stations. This agreement runs to 2025 and provides clear guidelines for operations to ensure the water is managed appropriately, including the management of high or low inflows through the Scheme, and to ensure that water will still be available to other users.