Energy company Trustpower is considering separating into two listed companies.
NewCo would control its Australia and New Zealand wind assets, while Trustpower Core would look after the hydro generation and retail business.
Trustpower chair Bruce Harker said the proposal would enable Trustpower to create two businesses with clear strategies.
"Trustpower has a strong track record of developing wind assets in both Australia and New Zealand. Given the significance of the opportunity in front of us, we have been considering the most efficient way to fund the next phase of the wind development pipeline over an extended period," he said.
That would give shareholders the option to choose which parts of the business to invest in.
Last month, the company said its Snowtown wind farm in South Australia would earn less for the company than originally thought and it cut the value of the investment.
A shareholder meeting would be held next year to consider the demerger.