Contact Energy agrees $1.1 B takeover
New Zealand utility Contact Energy Limited will acquire Manawa Energy Limited, a local renewables firm.
Image for illustration purposes.
New Zealand, Wellington: New Zealand utility Contact Energy Limited will acquire Manawa Energy Limited, a local renewables firm with an installed generation capacity of over 500 MW and a gigawatt-scale pipeline, at a total equity valuation of NZ$1.86 billion (US$ 1.14 billion). Manawa, headquartered in Tauranga, owns and operates 25 hydro sites across the country and has over 1200 MW of geographically diversified secured wind and solar projects under development.
“The combination with Manawa would result in a combined development pipeline of more than 10 TWh and would further enhance Contact’s strong development capabilities, accelerating Contact’s strategy to grow renewable generation while decarbonising its portfolio,” said Contact’s chairman Rob McDonald.
Upon completion, current Manawa shareholders will own about 18.5% of the combined entity. The transaction has secured conditional support from the company’s major shareholders, Infratil and TECT Holdings, which hold about 77.9% of Manawa shares. Subject to regulatory clearance, it is expected to close in the first half of 2025.
Source: Renewables Now
#acquisition#Contact Energy#Contact Energy Limited#Manawa#Manawa Energy Limited#New Zealand