Contact has today taken full ownership of King Country Energy Limited, including its five North Island hydropower stations.
Since 2017, the stations have been operated and maintained by Manawa Energy Limited, a wholly owned subsidiary of Contact. Contact, through its wholly-owned subsidiary King Country Energy Holdings Limited (“KCE Holdings”), previously held ~75% of the shares in King Country Energy.
Contact and KCE Holdings have purchased the remaining 24.98% of King Country Energy’s shares from the trustees of the King Country Trust (“the Trust”).
The Trust last month undertook public consultation on Contact’s offer to purchase the remaining ~25% of King Country Energy. The Trust’s decision to proceed was informed by an independent assessment of the Trust’s ownership options by Northington Partners, alongside feedback received during the consultation process.
The transaction was funded via the issue of new shares in Contact to the Trust.
Contact Hydro Development Manager and King Country Energy Director, Todd Mead, says Contact remains committed to the local community.
“We’re committed to remaining active in the local community, strengthening relationships and partnerships with local iwi, and continuing to invest in the hydropower stations, ensuring they operate reliably and safely into the future,” says Mr Mead.
Mr Mead also acknowledged the contribution of the Trust to the King Country Energy Board since King Country Energy was formed in the 1990s.
“King Country Energy has had a long relationship with the King Country Trust. The Trust has been a strong advocate for King Country Energy generation, and their presence on the Board has brought extensive knowledge and a local perspective that we have greatly appreciated over the years,” said Mr Mead.
Media Release
