Announced now, New Zealand-based energy usefulness Reserve Energy reports with purchased 100 percent of the stocks from Western Energy Services, a professional geothermal well service business located in Taupo, New Zealand.
Western and contact Power have worked closely together for more than five decades and have collectively developed advanced technology which has significantly reduced the price of Touch’s geothermal operations.
Mike Dunstall, General Manager Geothermal Resources and Development at Touch stated,”We’re thrilled to attract Western Energy and its own half gifted team on board and can not wait to build the excellent job we’ve been doing collectively. Western Energy has extensive experience in nicely services and united with our 60 decades of geothermal area and plant expertise along with also a geothermal development pipelinewe view this partnership providing our renewable energy at lower price.”
Western Energy is a well-established company with powerful operating earnings and cash flow. It’ll continue to be conducted as a independent business with its own management staff and government arrangements to deliver to their ambitious expansion plans.
Karl Spinks, General Manager of Western Energy stated,”Contact was a great client and partner in creating innovative solutions and also their influence may soon propel us forward. Having a fantastic staff and Touch’s backing, we’re eager to expand our selection of quality services by additional afield to deliver world-class options for every one our geothermal clients.”
Contact CEO Mike Fuge stated,”This trade is a great strategic fit with our vision to direct New Zealand’s decarbonisation and simplifies our investment to construct renewable production at Tauhara.”
The transaction completed on 31 March 2021 and the purchase was financed from existing bank facilities. The transaction cost is confidential.