Te Rere Hau Wind Farm Complete: Focus shifts to O&M
22 August 2011
Windflow Technology has completed the successful build and commissioning
of the 97 Windflow 500 turbines at NZ Windfarms’ Te Rere Hau wind farm. The wind farm is the first to use New Zealand
manufactured Windflow turbines. The 97th
and last turbine was fully commissioned on 1 July 2011.
With that milestone behind, the two companies are now focussed on
working together on the operating and maintenance (O&M) arrangements for
the wind farm. As part of this focus,
the two companies have recently concluded a negotiation under which Windflow
has sold much of its stock of spare parts for the Te Rere Hau wind farm to NZ
Windfarms. This has helped increase the
liquidity in Windflow’s balance sheet, and provides a stock of spares to
complement the turbine assets held by NZ Windfarms.
As part of these negotiations Windflow has also established a subsidiary
service company, Te Rere Hau Services Ltd (TSL), from its existing operation to
provide O&M support services at TRH.
NZ Windfarms has been granted an option to take over TSL in the event of
Windflow becoming insolvent (and various other events). Under this arrangement NZ Windfarms will also
be granted various securities over TSL, and other WTL’s assets including a
licence in favour of TSL to use WTL’s drawings, specifications and other
documents for the purpose of ensuring it can maintain Te Rere Hau in the long
term.
The wind farm, based on the windy Tararua ranges, has been performing at
world class levels achieving over 96% availability in 2010 and over 95%
availability for the first half of 2011.
The Windflow 500 now has over 165 turbine-years of track record and is
commercially proven.
For
further information:
Geoff Henderson,
Chief Executive Officer
Ph 03 365 8960