Meridian sells Energy for Industry unit to Pioneer for more than $50M

State-owned Meridian Energy sold its Energy for Industry subsidiary to Central Otago-based Pioneer Generation in a transaction worth more than $50 million.

Energy for Industry, which was established in 2000, provides energy management services to companies, according to its website. The sale is part of Meridian's plan to divest non-core subsidiaries, it said.

Meridian is one of the state-owned power companies ear-marked for a partial sale by the government. Pioneer is a community trust-owned generator based in Alexandra.

"EFI is New Zealand's leading provider of energy solutions for some of the country's key sectors. It has found the right new owner that will take this business to the next level," said chief executive Mark Binns.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report
VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report