Windfall for Palmerston North windfarm

A delay in commissioning of the second stage of turbines at the Te Rere Hau windfarm near Palmerston North caused NZ Windfarms to miss its prospectus revenue forecast.

But the money earned interest, helping the company meet its profit forecast.

The company reported a net profit of $2.42 million in the year to June 30 from a deficit of $352,000 a year ago.

There was no dividend. NZ Windfarms has a 50 per cent stake in Te Rere Hau, with the other 50 per cent owned by NP Power and Babcock and Brown Wind Power.

Stage two of the project has 28 turbines and should be commissioned by the end of this year.