3 Apr 2012

Stake in geothermal projects reduced

12:45 pm on 3 April 2012

Mighty River Power will receive $40.5 million after reducing its interest in two geothermal projects.

Under an agreement with Tauhara North No.2 Trust signed in 2007, the state-owned company has sold a 10% stake in its Nga Awa Purua and Rotokawa Joint Ventures.

Mighty River Power now holds an interest of 65% in the Nga Awa Purua Joint Venture.

The trust acquired its initial 25% interest in 2007.