Mighty River Power, which has its geothermal team based in Rotorua and is involved in a number of geothermal and hydropower stations in the region, will be the first of the state-owned assets put up for partial sale.
The National Government has revealed the first steps in its mixed-ownership programme, offering minority shares in New Zealand's four state-owned energy companies - Mighty River Power, Genesis, Meridian and Solid Energy - and Air New Zealand.
Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall announced Mighty River Power would be the first to make an initial public offering (IPO) late next year.
``Our advice is that Mighty River Power is ready to go to the market. We will provide more detailed information on this IPO - including how widespread New Zealand ownership will be achieved - when detailed decisions have been made in early 2012.''
Mighty River relocated its geothermal division to Rotorua last year and the company is involved in joint ventures on a number of geothermal plants in the region, including the Nga Awa Purua, Rotokawa, Mokai, Kawerau and Ngatamariki stations. More geothermal stations are in the pipeline.
Mighty River also runs hydropower stations in the area, including the Taupo, Aratiatia, Ohakuri and Atiamuri sites.
Shares in Mighty River Power are likely to go public in the third quarter of 2012, subject to market conditions.
Mighty River first asset to sell
AdvertisementAdvertise with NZME.