New Zealand-based power generator Meridian Energy has sold two South Island hydropower stations to Genesis Energy for about $821m.
The company sold the Tekapo A and B power stations on the Waitaki Power Scheme.
The hydropower stations are the first two of eight hydroelectric projects 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 in New Zealand.
Meridian and Genesis will work to a water management agreement that allows both companies to utilize the water flowing through the interconnected lakes and canals to generate electricity at their stations.
This agreement, which runs to 2025, provides 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.