Windflow welcomes Vector as fellow NZ Windfarms shareholder

27 April 2007

Windflow Technology Limited welcomes lines company Vector Limited as a potential fellow shareholder in NZ Windfarms Limited, a publicly listed wind farm developer in which Windflow Technology currently has a 29% shareholding.

NZ Windfarms today announced that it had reached a conditional arrangement with Vector that will result in Vector becoming a cornerstone shareholder (19.99%) by subscribing to shares in a proposed $75 million share issue.

Windflow Technology CEO and Director Geoff Henderson said that the announcement was great news for both NZ Windfarms and Windflow, particularly in terms of completing development of the Te Rere Hau wind farm. "We wish NZ Windfarms every success in its capital raising and will welcome Vector as its new cornerstone shareholder".

NZ Windfarms jointly owns the consented 48.5 MW Te Rere Hau wind farm (comprising 97 turbines when installed) near Palmerston North with international wind farm developers Babcock & Brown Windpower Pty Limited and N.P. Power Pty Limited.
Te Rere Hau Stage One, consisting of five Windflow 500 turbines, was officially opened by Prime Minister Rt Hon Helen Clark in September 2006 and has been performing at higher than warranted levels (97% availability over the last six months). Windflow Technology is manufacturing the next batch of 14 turbines for the wind farm and is anticipating orders for the remaining 78 turbines by the end of 2008.

ENDS

Further information:
Tim Armitage
tim@armi.co.nz
Phone 03 365 8960 ext 110