NZ Windfarms’ maiden 0.85 cents dividend

NZ Windfarms has announced a maiden dividend of 0.85 cents per share.

“We’re very pleased to announce a maiden dividend, as initiatives put in place over the last year bear fruit,” NZ Windfarms chairman Rodger Kerr-Newell says.

The dividend will be 0.85c/share, fully imputed, equating to $2.45 million.

It follows successful shareholder resolutions at the AGM last week to acquire the windfarm electrical reticulation assets, saving the organisation over $700,000 per annum.

“The board made a commitment to shareholders at the AGM last week that this transaction was imminent, and that a dividend would be paid upon completion,” Kerr Newell says. “We completed the transaction last Friday, just three days after the AGM. When combined with other disclosed operational initiatives, electricity price hedging and an ambitious forward work programme, we’re now in a vastly better place than we were six months ago.”

Chief executive officer John Worth says: “Much of our activity this year has been focussed on getting the basics right.”

That includes smart turbine curtailment to reduce operational expenditure and noise, team right sizing, obtaining regulatory relief to curtail on price and taking control of the asset base.

“These are what we call the essential factors in successfully running a merchant wind-generation business,” Worth says.

“As we get these things behind us we free up horsepower to focus on future strategic initiatives.”

NZ Windfarms has made commitments to shareholders to progress either retail or other fuel development or acquisition in the next year.

Wind-powered turbines can help provide power for charging EVs.