Meridian completes hydro plant sales in New Zealand, pays dividend to government

New Zealand's Meridian Energy has completed the process of selling its Tekapo A and B hydro stations to Genesis Energy for about US$667 million, Meridian reported.

Upon receipt of proceeds from the previously-announced hydro plant sale Meridian paid a special dividend to the New Zealand government of more than US$420 million.

Tekapo A and B are the first two of eight hydropower stations that make up the Waitaki Power Scheme. Meridian will continue to own and operate the remaining six hydroelectric power stations located from Lake Pukaki to Waitaki.

The two state-owned companies have water management agreement that runs to 2025 which allows both of them to use the water flowing through the interconnected lakes and canals to generate electricity.

The Tekapo A station generates 25.2 MW of electricity, while Tekapo B can produce 160-MW of power, reports indicate.

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