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Windflow: Long Gully Wind Farm Update

9 June 2010

9 June 2010

Windflow Technology Limited (WTL) the NZ-based wind turbine manufacturer announced today that the status of its negotiations with state owned enterprise Mighty River Power (MRP) for the development of the Long Gully wind farm has changed.  

The agreement between WTL and MRP was conditional on a resource consent acceptable to MRP being obtained. The consent as granted was subject to two appeals, one of which has been formally removed and the other of which is now in substance resolved enabling greater certainty over the final conditions of the consent.  After careful consideration of the resource consent which WTL obtained, and other factors, MRP has decided that it will not itself proceed to the construction stage of the project.

WTL and MRP are currently exploring alternatives including power offtake arrangements.  WTL is committed to the building of distributed wind generation projects like Long Gully throughout New Zealand and internationally and is hopeful that an agreement acceptable to both parties can be reached.

CEO Geoff Henderson commented, “We are very positive about Long Gully specifically and distributed wind generation in general.  We will focus our efforts on reaching an acceptable agreement with MRP that enables us to attempt to raise capital so that the Long Gully project can proceed.”

 

 For any questions please contact :

Geoff Henderson 

Chief Executive Officer, 

(03) 365 8960 extn 136