11 Mar 2011

Mighty River looks to greater returns overseas

10:00 am on 11 March 2011

The publicly owned electricity generator and retailer told a parliamentary select committee that its international geothermal investment programme, in partnership with GeoGlobal Energy in the United States, Chile and Germany, is going well.

Chief executive Doug Heffernan says the partnership helps spread the risk, as the company commits a tenth of its balance sheet to foreign investments.

He says it would be keen to see the results of that investment start to percolate through in cashflow before it considers lifting its overseas commitment any further.

Mr Heffernan says there are definitely more opportunities offshore.