Meridian and NZ Windfarms to repower Te Rere Hau wind farm

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Meridian and NZ Windfarms to repower Te Rere Hau wind farm

26 October 2023
Meridian and NZ Windfarms have agreed to form a 50-50 joint venture to repower and
extend the Te Rere Hau wind farm. The project involves the design, construction and
operation of up to 39 new turbines with generation capacity of up to 170 MW. This will be
New Zealand’s first wind farm repowering project and has the potential to generate seven
times the annual renewable energy production of the existing fleet.
The Te Rere Hau wind farm is located near Palmerston North on the Tararua Ranges, which
offer some of the best wind resource in New Zealand. Originally constructed in 2006 with five
turbines, the wind farm currently has 91 small turbines with total installed capacity of 45.5
MW.
In May 2023, NZ Windfarms obtained a two-year fast track consent for the first phase of the
project, consisting of approximately 30 new larger turbines. A second phase of fast-tracked
consent for the expansion of the project (the Aokautere Extension) is being sought, involving
a further nine turbines.
Meridian will lead the remaining development activities and intends to enter into a 15-year
power purchase agreement for all of the electricity produced from the repowered project.
Meridian has also agreed to subscribe for shares in NZ Windfarms representing up to a
19.99% shareholding, on terms separately announced by NZ Windfarms.
The repowering project has an estimated capital cost in the order of $500 million to $600
million, with a final investment decision expected in Q2 2025 and expected completion
towards the end of 2027.
Further information on the repowering project can be found in the attached presentation.

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philip Clark
Head of Communications
0278 835 710

26 OCTOBER 2023
TeRereHauWind Farm Repowering
Visual simulation of the repowered TeRereHauwind farm

§Meridian (MEL.NZX, MEZ.ASX) and NZ
Windfarms (NWF.NZX) forming a 50/50 joint
venture to repower and extend the Te Rere
Hau wind farm
§The joint venture will design, operate and
construct up to 39 new turbines, with a
generation capacity of up to 170MW
§New Zealand’s first wind farm repowering
project, new capacity factor of c.50%
§Potential to generate seven times the existing
wind farm production, with new production
estimated between 740GWh-753GWh p.a.
§Indicative capital cost of c.$500M-$600M
§Final investment decision expected in Q2 2025
§Project completion expected in Q4 2027
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26 OCTOBER 2023TE RERE HAU WIND FARM REPOWERING
Today’s announcement
Te Rere Hau wind farm is located in the TararuaRanges outside of Palmerston North

§Meridian share of annual EBITDAF estimated at c.$25M-$30M

Te Rere Hau
Stage 1
commissioning
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TE RERE HAU WIND FARM REPOWERING
Project timeline
26 OCTOBER 2023
31 Dec
2006
31 Dec
2009
31 Dec
2011
May
2023
Te Rere Hau
Stage 2/3
commissioning
Te Rere Hau
Stage 4
commissioning
Te Rere Hau
repowering
consent
granted
June
2023
Aokautere
Expansion
consent
referred
Oct
2023
Joint
venture
announced
Q2
2025
Project FID
expected
Q1
2027
Project first
power
expected
Q4
2027
Project
completion
expected

§Joint venture is a dual limited partnership
structure (Project SPV), 50% initial equity
allocation each
§Meridian is the lead project developer and
will fund a capped development contribution
§Meridian intends enter a 15-year power
purchase agreement (PPA) with the Project
SPV for all of the electricity produced
§PPA consists of two pricing periods, prices are
indexed to ASX and include rolling locational
and average price adjustments
§Project SPV Board consists of 2 directors from
each JV partner
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TE RERE HAU WIND FARM REPOWERING
Meridian and NZ Windfarms relationship
Existing turbines at the Te Rere Hau wind farm
§Meridian has also agreed to subscribe for shares in NZ Windfarms representing up to a 19.99%
shareholding, on terms separately announced by NZ Windfarms
§NZ Windfarms board will appoint Neal Barclay (Meridian Chief Executive) as a director
26 OCTOBER 2023

§NZ Windfarms Ltd is a long-term specialist
wind farm owner and operator, with its
revenue coming from the sale of sustainably
generated electricity from its TeRereHau
wind farm
§The TeRereHauwind farm is located on
North Range Road in the TararuaRanges
outside of Palmerston North
§The wind farm currently has 91 turbines with
a capacity of 45.5 MW producing enough
clean energy to power about 16,000 homes,
or in excess of half the households in
Palmerston North
§New Zealand Windfarms Ltd (NWF.NZ) is a
publicly listed company on the NZ Stock
Exchange
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TE RERE HAU WIND FARM REPOWERING
About NZ Windfarms Limited
Existing turbines at the Te Rere Hau wind farm
26 OCTOBER 2023

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Disclaimer
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the company nor
any of its directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from
this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on
what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy Meridian Energy securities and may
not be relied upon in connection with any purchase of Meridian
Energy securities.
This presentation may contain non-GAAP financial measures,
including EBITDAF. Because they are not defined by GAAP or IFRS,
Meridian's calculation of these measures may differ from similarly
titled measures presented by other companies and they should not
be considered in isolation from, or construed as an alternative to,
other financial measures determined in accordance with GAAP.
Although Meridian believes they provide useful information in
measuring the financial performance and condition of Meridian's
business, readers are cautioned not to place undue reliance on
these non-GAAP financial measures.
The information contained in this presentation should be considered
in conjunction with the company’s financial statements, which are
included in Meridian’s integrated report for the year ended 30 June
2023 and is available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
TE RERE HAU WIND FARM REPOWERING26 OCTOBER 2023