KUALA LUMPUR (Dec 22): Yinson Holdings Bhd (KL:YINSON) has secured a buyer for output from its New Zealand wind farm slated for construction beginning early next year.
Mt Cass Wind Farm Ltd, Yinson’s indirect wholly owned subsidiary, signed a 15-year power purchase agreement worth about NZ$500 million (RM1.2 billion) to sell to New Zealand-based Genesis Energy Ltd, according to a Monday filing with Bursa Malaysia.
The agreement will run for 15 years from the commercial operation date of the plant targeted for the second half of 2028, Yinson said.
Mt Cass Wind Farm is designed with a total installed capacity of up to 95 megawatts and, once operational, is expected to generate more than 300 gigawatt-hours of electricity annually — enough to supply some 40,000 households.
Genesis generates electricity from thermal and renewable assets and sells electricity, reticulated natural gas and liquefied petroleum gas to more than 520,000 customers. The company is dual listed on the New Zealand Stock Exchange and Australian Securities Exchange.
Yinson acquired the rights to Mt Cass Wind Farm from MainPower New Zealand Ltd on Dec 18, marking the company’s first wind farm under construction and its maiden renewable project in New Zealand.
Shares of Yinson were last traded at RM2.36 at Monday’s noon break, giving the group a market capitalisation of RM7.59 billion.