Contact Energy, a New Zealand power generator and retailer, has agreed to take over the renewable power generation company Manawa Energy in a deal valued at just under NZD1.9bn (US$1.2bn). The offer includes a combination of cash and Contact Energy shares, valuing Manawa at $5.95/share, significantly higher than its last traded price of just over $4.00/share. Contact Energy will also assume Manawa's NZD400m (US$247m) debt.
Manawa Energy has an installed capacity of 510 MW (end-June 2024) across 26 power plants, including 25 hydropower plants. The company generated 1.9 TWh in the 2023-2024 year ended 30 June 2024, accounting for around 5% of New Zealand’s power supply. Contact Energy, which generated 8.6 TWh in the 2023-2024 year ended 30 June 2024, has an installed capacity of 1.9 GW (at end-June 2024), including 784 MW of hydro.
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