TrustPower Reaches 3-Year High on Wind Project: Wellington Mover
TrustPower Ltd. (TPW), 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. (ORG) 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. (IFT), 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.
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