Meridian makes $9m in carbon credits

State-owned power generator Meridian Energy has sold more than $9 million in carbon credits allocated to its Southland wind farm.

It has sold the units to the Swiss Climate Cent Foundation under a six-year contract.

The credits were allocated via the Government's Projects to Reduce Emissions mechanism as an incentive for investment in zero emission renewable energy projects that would not otherwise be undertaken.

The mechanism is under review.

Meridian chief executive Keith Turner said he hoped the programme would continue as the credits were critical to the decision to commence construction of Project White Hill in March this year.

Project White Hill is a 58MW wind farm being constructed near Mossburn, in Southland.

- NZPA