Australian energy group Origin Energy has entered into an underwriting agreement for the sale of the 53.09% stake in its New Zealand subsidiary Contact Energy. Origin Energy has mandated Macquarie Capital to sell its entire stake worth NZ$1.81bn (US$660m) at NZ$4.65 (US$66c) a share via a block trade. The Australian group is heavily indebted (A$12bn, or US$8.9bn), partly due to funding commitments for the A$24.7bn (US$18.3bn) Australia Pacific LNG project currently under construction in Queensland (Australia). Origin will continue to hold upstream production and exploration interests in New Zealand.
Contact Energy has a total capacity of 2 200 MW (end-2014), made up of geothermal, thermal and hydro power plants. Its two largest geothermal power plants are Te Mihi (166 MW) and Wairakei (155 MW). It operates the Clyde hydro (432 MW) and Roxburgh hydro (320 MW) plants. Its electricity sales reached 8.3 TWh in 2013.
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