Meridian Energy: High Court approves acquisition of NZ windfarms

Meridian Energy: High Court approves acquisition of NZ windfarms

Meridian Energy Limited (MDDNF) has received High Court approval to acquire all shares of NZ Windfarms Limited, a significant move that will enhance its stake in the renewable energy sector. The acquisition, valued at $91 million, will enable more efficient financing and delivery of the Te Rere Hau Wind Farm repowering project, aiming to significantly increase energy production with new turbines.

NZ Windfarms has announced that it has received final court approval for the scheme of arrangement, under which Meridian Energy will acquire all of the fully paid ordinary shares in NZ Windfarms that it does not already own. The company has applied to NZX for the suspension of trading in its shares and for delisting, pending the implementation of the scheme.

The timetable for the implementation of the scheme is as follows: trading halt date on July 18, 2025, record date on July 23, 2025, implementation date on July 30, 2025, and delisting date on July 30, 2025. Shareholders who hold NZ Windfarms' shares on the record date will be entitled to receive the scheme consideration of 25 cents per share in cash, to be paid on the implementation date.

This acquisition aligns with Meridian Energy's strategic focus on renewable energy and sustainable power generation. The company primarily focuses on generating electricity through sustainable means, with a significant market presence in wind energy.

Reference List:
[1] https://www.tipranks.com/news/company-announcements/meridian-energy-secures-high-court-approval-for-nz-windfarms-acquisition
[2] https://businessdesk.co.nz/markets/announcements-generated-by-ai/meridian-energy-acquires-remaining-nz-windfarms-shares