Ngati Tuwharetoa Strengthens Position on the Kawerau Ngawha
Ngati Tuwharetoa Geothermal Assets limited (NTGA) has entered into a transaction with Eastland Generation to sell the 23 Megawatt Kawerau TOPP1 Geothermal Power Station and commit to supply steam to TOPP1, and to further geothermal development.
NTGA is a wholly owned commercial entity of the Ngati Tuwharetoa (Bay of Plenty) Settlement Trust (NTST). The Chair of NTST Karilyn Te Riini, confirmed “This transaction allows the Tuwharetoa group to grow the scale of our steam supply business, as well as increasing our financial capacity to both diversify our commercial interests and increase the level of support provided to our owners.”
The TOPP1 Power plant was purchased from Norske Skog in late 2016 when the Norwegian owners confirmed that the plant was surplus to their electricity capacity needs. As the steam supplier to the plant at that time, NTGA purchased the asset to ensure the plant ran at full output to maximise the value of steam supplied.
The sale of the TOPP1 Power Plant further supports the strategy of cementing NTGA as the geothermal supplier of choice in Kawerau. Eastland Generation already own two geothermal power stations on the Kawerau field (Te Ahi o Maui 26 MW plant and Geothermal Developments Ltd 9 MW plant) and the addition of TOPP1 adds synergy and scale to their geothermal generation business.
Moving forward, NTGA is now looking to support Eastland Generation in the development of a further Power station on the Kawerau field and has committed to a fuel supply agreement.