Reading the update linked at at post 1137, they want to expand, not pay down debt.

Not sure where the funds will go. Trustpower will be investing in windfarms in Australia and water in the SI but that money wont come directly from IFT.

Big section on Asian airports which is a bit scary considering their 'success' in Europe.

Also look for PPP in NZ and Australia such as transmission gully where they could be part of the build consortium and once completed, and the risk reduced, sell them off to pension funds and the like for a healthy capital gain.