Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

TrustPower Reaches 3-Year High on Wind Project: Wellington Mover

May 8 (Bloomberg) -- TrustPower Ltd., a New Zealand electricity retailer, rose for a fifth day to the highest in almost three years after securing a major expansion for its Australian wind farm.

The Tauranga-based company on May 2 said it signed a power sale and purchase agreement with Origin Energy Ltd. for the output from a planned wind farm next to its existing Snowtown site near Adelaide in South Australia. TrustPower stock rose to NZ$7.95 today, the highest since May 27, 2009.

TrustPower, which is majority owned by Wellington-based Infratil Ltd., is seeking a co-investor for the project, to be called the Snowtown II Wind Farm, it said last week. The cost of the total development is about A$570 million ($581 million), Deutsche Bank AG analysts estimated in a report.

TrustPower shares rose 5 cents, or 0.7 percent, to NZ$7.65 at the 5 p.m. close in Wellington. They earlier gained as much as 4.6 percent, the biggest advance since February 2008.

To contact the reporter on this story: Chris Bourke in Wellington at cbourke4@bloomberg.net

To contact the editor responsible for this story: Chris Bourke at cbourke4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.