http://nzx-prod-s7fsd7f98s.s3-websit...505/405783.pdf
The new wind farm is expected to cost in the order of $500-600m and will be funded by a mix
of equity and limited-recourse project debt. Subject to NWF arranging financial commitments,
the equity will be funded 50:50 by NWF (or a funding entity controlled by NWF) and Meridian.
If NWF is unable to fully fund its planned 50% share its interest in the joint venture will reduce.
So we see a 50/50, then this - if no dough for NWF's share, it's interest in project reduces
MEL is buying into NWF 15% .. but likely to change on underwriting - looking like MEL get to control the
JV job directly & indirectly - many thanks to the fare paying NWF holders
And MEL has 15 years Offtake .. probably a good thing.
Potentially NWF may come knocking further down the track looking for more equity from it's holders
still onboard..
MEL presumably wont be far away watching / waiting or underwriting the job .. like now
The white knight may get to run away with the silver platter, if the long suffering boys and girls
sitting as minority holders lose interest..
Potentially a MEL take out over time.
Sort of deals with finding a new home for a problem child, where the futureproof bills are
seen as high, existing pre-plan prospects were constrained, and contributors for those who stayed
from start wear scorch marks, many with reluctance to throwing more pennies in the pot
Too early yet for the bods at NWF to be looking for new jobs ?
The scenario unfolding looks very similar to the trajectory of NZO & it's minority stakeholders
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