Electricity distributor Marlborough Lines (MLL) is looking for a partner to invest in Yealands Wines as part of a plan to accelerate renewable energy generation and electrification development in the region.
Yealands Wines is a subsidiary of Marlborough Lines Photo: supplied
MLL said a divestment of part of its subsidiary, Yealands Wine Group, was part of plan to move the wine growing region towards a zero carbon future.
Trust owned MLL said it had also established a new subsidiary, Energy Marlborough, to promote sustainable regional growth and provide sustainable dividends to local electricity consumers.
"Yealands has a valuable asset base, which has grown by $100 million since 2015 when we first purchased it," MLL chair Phil Robinson said, adding the wine producer had excellent growth prospects, with strong management and governance in place.
"We would expect any new partner to enhance the business and the interests of the region, maintaining stability and minimising any disruption," he said.
"Due to the significance of the Yealands business within Marlborough, we will be carefully considering diverse stakeholder and community interests."
Yealands was one of New Zealand's largest independently owned producers and exporters, with annual production of 1.6m cases of wine.
If a suitable partner was not found, Robinson said MLL would continue to actively support Yealands.
"We are dedicated to securing the right partner on the right terms to deliver value for our stakeholders," he said.
