New Zealand

At the close of the Pacific Energy Summit in Auckland, New Zealand yesterday a consortium of countries and international banking institutions announced that a funding package of USD532 million has been secured to fund renewable energy projects across the Pacific.

Hong Kong’s Cheung Kong Infrastructure Holdings Ltd. (CKI), owned by billionaire Li Ka-shing, has agreed to pay USD422 million to buy New Zealand waste company EnviroWaste.

Indonesia's geothermal industry looks set to be the main beneficiary from reinvigorated diplomatic relations with New Zealand. The two governments highlighted renewable energy projects and geothermal, in particular, as being a priority in strengthening ties. The statement came at a press conference after the fifth annual Joint Ministerial Commission meeting on Tuesday between visiting New Zealand Foreign Minister Murray McCully and Marty Natalegawa, Indonesia's Foreign Minister.

Indonesia’s Pertamina Geothermal Energy (PGE), a subsidiary of state oil and gas firm PT Pertamina, has launched a 1,000-MW geothermal energy investment package with financial assistance from the World Bank and the government of New Zealand, according to the Jakarta Post.

The New Zealand government is believed to have chosen the lead managers for the flotation of a national renewable energy company. The IPO of Mighty River Power leads a new round of state IPOs after a decade of inactivity. Goldman Sachs, Macquarie Capital New Zealand and First New Zealand Capital/Credit Suisse Australia are reported by the Australian Financial Review and Bloomberg to have been appointed to manage the sale. The government hopes that selling Mighty River Power, and four other companies including Genesis Power Ltd, Solid Energy New Zealand Ltd and Meridian Energy Ltd, will raise as much as NZD7 billion (USD5.8 billion) for the nation's depleted coffers.