Agreement Reached Between Windflow and NZ Windfarm

Agreement Reached Between Windflow and NZ Windfarms

“Windflow Technology Limited (WTL) has reached agreement with its customer NZ Windfarms Limited (NWF) over the outstanding issues between the companies”, the chief executive Mr Geoff Henderson reported today.

The agreement settles all matters relating to the IEC certification status of the turbines supplied to NWF’s Te Rere Hau (TRH) wind farm project, as well as the timeframes and the payment terms for a batch of 32 Windflow turbines to be delivered to NWF.

Additionally it sets out a process around future design improvements or upgrades and defined methods for dealing with these.

The agreement is conditional upon NWF completing a successful capital raising.

“Now that resolution has been reached, and subject to the success of the rights issue proposed by NWF, we can focus on completing the development of the Te Rere Hau wind farm, highlighting the potential of the Windflow 500 turbine designed and manufactured in New Zealand to deliver renewable wind energy into the New Zealand electricity market.”

WTL holds 3.8% shareholding in NWF.

ENDS

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