Announcement
MKTUPDTE: NWF: Market Update: New Chair, Fast-Track Consent Referral & Div
09:56am
NWF
16/12/2021 09:56
MKTUPDTE
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REL: 0956 HRS NZ Windfarms Limited
MKTUPDTE: NWF: Market Update: New Chair, Fast-Track Consent Referral & Div
16 December 2021
NZX Announcement
For immediate release
NZ WINDFARMS LIMITED (NWF): MARKET UPDATE
Overview:
NZ Windfarms Limited (NZX Code: NWF, the Company) is pleased to update the
market on the following matters:
o Chair Announcement: The Board has concluded an extensive director search
process and is delighted to announce the appointment of Craig Stobo as its
new director. The Board intends to vote Craig as Chair at the commencement of
his first Board meeting. Craig brings with him extensive capital markets
experience as well as relevant NZX Chair skills. Craig's commencement date is
1 February 2022.
o Te Rere Hau Fast Track Consent Referral Announcement: The Company intends
to formally submit an application to the Ministry for the Environment this
week, to refer the reconsenting and repower of Te Rere Hau wind farm to the
COVID-19 Recovery (Fast-track Consenting) Act 2020, fast track consenting
process. The Company has committed to repowering and reconsenting costs that
are foreseeable. These are primarily consultant costs to support the
fast-track referral and resource consent submission, hearing and decision.
o Dividend Announcement: A gross unimputed dividend of 0.15 cents per share
has been announced today and it will be paid 31 December 2021. Please refer
to the separate announcement.
Chair Announcement: Mr Craig Stobo:
NZ Windfarms is delighted to announce the appointment of a new director and
intended Chair, Mr Craig Stobo, who will join the Board from 1 February 2022.
Ms Christine Spring, NZ Windfarms' Interim Chair, says "The appointment came
after an extensive director search process. Craig was appointed on the
strength of his impressive career to date. He is a commercially minded
entrepreneur who co-launched BT Funds Management, Elevation Capital and the
Local Government Funding Agency. He is a former investment banker and CEO. He
is also currently Chair of NZX-listed company Precinct Properties NZ Ltd,
Chair of AIG Insurance New Zealand, and remains the inaugural Chair of the
Local Government Funding Agency".
Mr Craig Stobo, says "I am delighted to have the opportunity to join the
Board of NZ Windfarms as it's intended Chair. I look forward to adding my
capital markets and corporate governance experience to the Board and
management team, to assist the Company with fulfilling its strategic goals of
repowering the Te Rere Hau wind farm and considering future opportunities. My
sense is that the repowering of a world class wind farm site in the context
of net zero by 2050 will attract the interest of investors. The challenge
which attracts me is execution of the strategy".
Given that Mr Stobo was appointed by the Board of NZ Windfarms to fill a
casual vacancy, he will be required to retire at the next Annual Meeting of
Shareholders to be held in the later part of 2022. It is anticipated that he
will seek election at the Annual Meeting. Christine Spring will continue as
Interim Chair until Craig commences on 1 February 2022, at which point
Christine will revert to an independent director.
COVID-19 Recovery (Fast-track Consenting) Act 2020 - Te Rere Hau Repower:
The Company announces its intention to submit an application to the Ministry
for the Environment this week to have the repower and reconsent of the Te
Rere Hau wind farm referred for fast rack resource consenting. Aurecon and a
team of independent experts have been assisting the Company with the
preparation of its fast-track referral submission and resource consent.
Warren Koia, NZ Windfarms Chief Executive says "The Company is excited about
the prospect of utilising the fast-track resource consent pathway to repower
Te Rere Hau. The team is of the view that the project will meet the purpose
of the COVID-19 Recovery (Fast-Track Consenting) Act 2020 ("the act") and
will eagerly await a referral decision". A referral decision is expected in
Q1 2022. The contents of NZ Windfarms submission for fast-track consenting
referral will be available to the public (less redacted portions).
The fast-track referral submission is not a full resource consent
application, but it does contain sufficient detail about the repower of Te
Rere Hau for the Minister for the Environment and his team to make a referral
determination under the act. While the Minister is considering the project,
the Company and consenting team will continue consultation with affected
parties, continue discussions with potential capital providers and advisers,
and continue to develop its resource consent application and assessment of
environmental effects.
Q1 FY2022 unimputed 0.15 cps dividend to be paid 31 December 2021:
Today the Board announced a 0.15 cents per share unimputed dividend (PCP:
0.15 cps) to be paid 31 December 2021. Details are included in the
accompanying distribution notice.
FY2022 EBITDAF is expected to remain materially higher than FY2021 and is a
result of the elevated forward prices at the time the fixed price variable
volume contracts were executed. We will provide a progress update to the
Company's FY2022 EBITDAF guidance range when the interim results are released
at the end of February 2022 or if a material event occurs.
Clean and renewable energy:
We are fortunate to be operating in one of the world's leading wind
generation locations. Our 92 turbines with a capacity of 46 MW produces
enough electricity to power about 16,000 homes, or in excess of half the
households in Palmerston North, using clean and renewable energy. Were the
electricity we produce to be generated by a gas-fired power plant, it would
emit roughly 64,000 tonnes of carbon dioxide, equivalent to an additional
23,000 cars on the road.
Outlook:
The company and consenting team will continue consultation with affected
parties, continue discussions with potential capital providers and advisers,
and continue to develop its resource consent and assessment of environmental
effects for the repowered wind farm. We will continue to pay sustainable
quarterly dividends and continue to safely and sustainably generate renewable
wind energy for all of Aotearoa New Zealand.
On behalf of the Board and management, I would like to wish everybody a Merry
Christmas and a prosperous New Year. For further information, contact Warren
Koia, Chief Executive, by phone on 06 280 2773, or by email at
info@nzwindfarms.co.nz.
Thank you | Nga mihi nui
Warren Koia
Chief Executive
End CA:00384837 For:NWF Type:MKTUPDTE Time:2021-12-16 09:56:24
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