Contact buys geothermal specialists Western Energy Services
6 April 2021
Contact purchases geothermal specialists
Western Energy Services
Contact Energy (‘Contact’) has purchased 100% of the shares in Western Energy Services
(westernenergy.co.nz), a specialist geothermal well service company based in Taupō.
Contact and Western Energy have worked closely together for over five years and have jointly
developed innovative technology that has materially lowered the cost of Contact’s geothermal
operations.
Mike Dunstall, General Manager Geothermal Resources and Development at Contact said:
“We are thrilled to bring Western Energy and its thirty talented staff on board and can’t wait to
build on the great work we have been doing together. Western Energy has extensive expertise
in well services and combined with our 60 years of geothermal field and plant experience and
a geothermal development pipeline, we see this partnership delivering our renewable
geothermal energy at even lower cost.”
Western Energy is a well-established business with strong operating earnings and cash flow.
It will continue to be run as a separate company with its own management team and
governance structures to deliver on their ambitious growth plans.
Karl Spinks, General Manager of Western Energy said: “Contact has been a fantastic
customer and partner in developing innovative services and their influence will propel us
forward. With a great team and Contact’s backing, we are excited to grow our range of quality
services by further innovating to deliver world-class solutions for all of our geothermal
customers.”
Contact CEO Mike Fuge said: “This transaction is a fantastic strategic fit with our ambition to
lead New Zealand’s decarbonisation and complements our investment to build renewable
generation at Tauhara.”
The transaction completed on 31 March 2021 and the acquisition has been funded from
existing credit facilities. The transaction price is confidential.
-ends-
Investor enquiries
Matthew Forbes
Ph +64 21 072 8578
Media enquiries
Leah Chamberlin-Gunn
Ph 021 2277 991
leah.chamberline-gunn@contactenergy.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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