Yinson's New Zealand Wind Farm: A 15-Year Deal Worth RM1.2 Billion
KUALA LUMPUR (Dec 22): Yinson Holdings Bhd has secured a significant deal for its upcoming New Zealand wind farm project. The company's subsidiary, Mt Cass Wind Farm Ltd, has signed a 15-year power purchase agreement with Genesis Energy Ltd, a leading New Zealand energy provider.
This agreement, valued at approximately NZ$500 million (RM1.2 billion), ensures a steady buyer for the wind farm's output. The wind farm, scheduled for construction early next year, is set to become Yinson's first wind farm project and its inaugural renewable energy venture in New Zealand.
The Mt Cass Wind Farm boasts an impressive installed capacity of up to 95 megawatts, capable of generating over 300 gigawatt-hours of electricity annually. This renewable energy source is enough to power approximately 40,000 households, making it a substantial contribution to New Zealand's energy needs.
Genesis Energy, a dual-listed company on the New Zealand Stock Exchange and Australian Securities Exchange, plays a crucial role in this project. They will purchase electricity generated from the wind farm, along with other renewable and thermal assets, and supply it to their extensive customer base of over 520,000 households.
Yinson's acquisition of the Mt Cass Wind Farm rights from MainPower New Zealand Ltd on December 18th marks a significant milestone. This deal not only showcases Yinson's commitment to renewable energy but also positions the company as a key player in New Zealand's energy sector.
As of the latest trading session, Yinson's shares were priced at RM2.36, reflecting a market capitalization of RM7.59 billion. This achievement highlights Yinson's potential for growth and its ability to secure substantial deals in the renewable energy industry.
