NZ Windfarms increases stake

STATEMENT FROM WINDPOWER MA
UNGATUA LTD

NZ Windfarms increases stake in WindPower Maungatua

Dunedin (Monday, March 31, 2008) – WindPower Maungatua Ltd announced today that NZ Windfarms Limited has increased its 16.7 per cent shareholding in WindPower Maungatua to 50 per cent.

WindPower Maungatua holds the development rights to a promising wind farm site near Dunedin and Director David Tucker warmly welcomed NZ Windfarms’ investment.

“NZ Windfarms is a responsible developer concentrating on smaller, less invasive regional wind farms that service local needs. This approach dovetails with WindPower Maungatua’s strategy. As we move forward with the Maungatua development we will benefit from the experience NZ Windfarms brings to the project,” he said.

Mr Tucker added: “In recent months we completed a pre-feasibility study for the Maungatua site with the NZ Windfarms team and we are pleased to say the results are very positive.

Our next step will be to erect a 50-metre mast on the site to obtain further information about the wind strength and consistency in order to develop a full feasibility study.

This will be followed by applying for the necessary resource consents for the development later this year.” He estimated the Maungatua development would comprise about 40 wind turbines with the capacity to generate about 20 megawatts when complete. For further information visit www.nzwindfarms.co.nz

ENDS

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