MightyRiverPower purchases solar business
By Tina Morrison
MightyRiverPower is buying solar power business What Power Crisis amid increased demand for the technology.
WPC installs residential and commercial solar photovoltaic systems in New Zealand and the Pacific Islands.
Auckland-based MRP, which produces most of its electricity through hydro and geothermal generation, expects to sell the service through its retailer Mercury Energy.
It didn't disclose the purchase price, which it said isn't material.
Solar power accounts for less than 1 percent of generation in New Zealand although solar installations have increased fourfold to more than 8,000 in the past two years.
Some 80 per cent of New Zealand's electricity is generated by renewable energy and solar power complements the country's existing hydro, geothermal and wind resources, MRP said.
MRP, Contact Energy and Genesis Energy have all announced the closure of either gas or coal-fired power plants over the past year, which will remove more than 1,000 Megwatts of capacity from the national electricity system.
MRP's purchase is expected to settle at the end of February.
WPC founder Dave Keppel will remain with the company as general manager, and will continue to oversee the unit's day-to-day operations.
MRP shares last traded at $2.82, and have shed 13 percent the past 12 months.