23 Dec 2002
TrustPower Limited is pleased to announce it has reached an agreement with NGC Holdings Limited for the purchase of all the shares in Cobb Power Limited, the owner of the Cobb Power Station, for $ 92.5 million. The agreement is subject to approval by NGC shareholders and completion
"The Cobb Power Station is located in the Tasman Mountains northwest of Nelson, at the confluence of the Cobb and Takaka Rivers. It has an output capacity of 32 MW," TrustPower Chairman, Harold Titter said.
He added: " TrustPower currently supplies a significant number of retail electricity customers in the Marlborough, Nelson and West Coast areas, and the addition of Cobb to its other hydro assets in those areas will further
reduce the necessity for TrustPower to buy electricity from outside the region."
A further announcement will be made when the purchase process is completed.
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