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NZ's Infratil buys 10 pct of renewable energy firm |
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| NEW ZEALAND: July 29, 2002 | ||
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WELLINGTON - New Zealand infrastructure investor Infratil Limited said last week it had bought a 10 percent shareholding in Energy Developments Limited (ENE.AX), one of Australia's largest renewable energy companies.
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"The shareholding of approximately 11.5 million shares has been acquired for a purchase price of approximately A$41 million," Infratil chairman Kevin O'Connor said in a statement. EDL has expertise in landfill gas and waste-to-energy projects and is well positioned to participate in projected growth in these sectors, particularly in Europe and the United States, O'Connor said. It currently has close to 400 MW of total plant either operational or under development. Infratil intends to use cash reserves and existing bank facilities as initial funding. No new equity will be sought. Infratil shares closed last week at NZ$1.85, compared with a year-to-date high of NZ$1.95 in May. Energy Developments last traded at A$3.30, compared with a year-to-date high of A$7.40 in January.
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REUTERS NEWS SERVICE
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