Mighty River Power Buys into Windflow Technology

16 October 2008

Mighty River Power has become a 19.95% cornerstone shareholder in wind turbine manufacturing company Windflow Technology with an investment of over $7.1 million.

The state owned electricity generator/retailer has purchased 2,382,496 Windflow shares at $3.00 per share, under an agreement reached in June, and approved by Windflow shareholders in August.

“We are very pleased to have the endorsement and interest of a large energy company, and believe the association with Mighty River Power will enhance our domestic and international growth opportunities,” said the chairman of Windflow Technology, Barrie Leay.

Echoing these sentiments, CEO Geoff Henderson said, “Mighty River Power’s substantial commitment to this New Zealand manufacturing enterprise is a significant endorsement of the Windflow way of progressing wind power for New Zealand.  After three decades spent dedicated to this enterprise, it is hugely gratifying to know that the smarter mid-size Windflow turbines are being recognised as tailor-made for New Zealand’s best wind sites”.

“Mighty River Power looks forward to a successful and prosperous arrangement with Windflow Technology,” said Doug Heffernan, Mighty River Power’s Chief Executive.

Windflow is also working with Mighty River Power on the proposed Long Gully wind farm near Wellington, a small project that would use the mid-sized New Zealand made Windflow 500 turbine if consented.

Subsequent to the Mighty River Power share purchase, Windflow Technology advises that its issued capital now comprises 11,942,309 shares.

The new capital raised by the company through the September options exercise, private placements, and the Mighty River Power share purchase, has generated about $10.3 million in funds and places Windflow Technology in a strong position to advance its business plan.

Ends.

For further information please contact:

Warren Head

Head Consultants Ltd

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