NZ Windfarms doubles total assets

NZ Windfarms doubles total assets

Reports Te Rere Hau farm is ‘performing superbly’

Christchurch (Friday, March 16, 2007) – NZ Windfarms Ltd today announced a doubling of total assets to $11.5 million for the six months ended December 31 2006, a period the Chairman Derek Walker describes as the most exciting in the company’s short history.

“The past six months have established NZ Windfarms as a successful owner and operator of wind farm assets. These are exciting times not only for us but also for the industry as a whole, as has been demonstrated at the NZ Wind Energy Association’s annual conference in Wellington over the past two days,” he said.

Net income for NZ Windfarms to December 31 2006 was $750,000, with the positive result caused by the one-off gain from the transfer of Te Rere Hau assets into a joint venture with National Power and Babcock & Brown WindPower, one of the world’s largest developers and owners of wind farms.

“We could not be happier with Te Rere Hau,” said Mr Walker. “The five Stage One turbines continue to perform superbly – no matter how hard the wind blows, they keep spinning and generating power.”

With the first stage of the Te Rere Hau generating power and the second stage of construction under way, NZ Windfarms is also pursuing a number of other wind farm opportunities, the first of which is the site held by Windpower Maungatua Ltd in Otago, as announced last week.

“As we move forward with Te Rere Hau, Maungatua and our other developments, we are planning our next capital raising and will make further announcements on that in due course,” Mr Walker said.

NZ Windfarms is listed on the NZAX under the trading code NWF. For further information visit www.nzwindfarms.co.nz

ENDS

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