Wednesday, 21 February 2018

Announcement

MKTUPDTE: NWF: NZ Windfarms achieves key resource consent milestone

19 Dec 2017 13:36NZX
NZ Windfarms achieves key resource consent milestone

19 December 2017

NZ Windfarms advises that it has achieved a key strategic milestone in terms
of its resource consents.  Following a decision by commissioners in late
November around new noise conditions, no valid appeals have been lodged.  In
early 2017, the company identified two key strategic milestones; the
acquisition of the electrical reticulation assets from lines company Powerco,
and resolution of long standing noise issues.  The Powerco assets were
successfully purchased in September, and the end of the consent conditions
review process yesterday resolves compliance issues for the organisation.

The company has worked closely with stakeholders to agree on new operating
parameters, centred around three turbines located close to a group of
residences.  The company proposed a higher turbine cut-in wind speed and a
gearbox modification to limit noise during low wind south-easterly
conditions.  The commissioners'' decision supported this approach and leaves
the company free to operate the other 93 turbines on the company''s Te Rere
Hau Wind Farm without restriction.  The gearbox changes were completed in the
week following the decision.

Board Chairman Rodger Kerr-Newell said that the decision was a good outcome
for the residents and the company.  "We''ve been working very hard to improve
the performance of this company through operational refinements, regulatory
change and cost-out initiatives.  Putting arguments about consent compliance
behind us is another key piece in our turn-around strategy."  CEO John Worth
noted that alongside the new consent conditions the company remained
committed to its voluntary noise curtailment regime in place since July that
aims to further reduce noise levels.  The company has spent around $500k per
annum on consent litigation for the past five-plus years, and is pleased to
be able to move on.

Kerr Newell noted that the company has achieved all of its strategic goals
for 2017.  "We have made huge progress this year in optimising our current
operations.  What this means is that we move into 2018 entirely focussed on
changing our fuel mix and improving our offtake position as we promised our
shareholders at the AGM.  We''ve made good progress in 2017 in reducing the
volatility we experience in the wholesale market, and in 2018 we will do
further work on this."

CEO John Worth, who joined the organisation in March, noted that the consent
outcome was the icing on the cake on a very busy year. "Our whole team has
been working extremely hard in optimising the performance of our wind farm.
To be able to put consent issues behind us before Christmas is a great
outcome for the company and for our community. We sincerely thank our
neighbours for working so closely with us this year."

For further information contact:
John Worth
Chief Executive Officer
+64 21 800 310
End CA:00312167 For:NWF    Type:MKTUPDTE   Time:2017-12-19 13:36:52
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