MightyRiverPower buys solar power installer What Power Crisis
By Tina Morrison
Jan. 19 (BusinessDesk) - MightyRiverPower, which produces most of its electricity through hydro and geothermal
generation, is buying solar power business What Power Crisis amid increased demand for the technology.
WPC installs residential and commercial solar photovoltaic systems in New Zealand and the Pacific Islands.
Auckland-based MRP expects to sell the service through its retailer Mercury Energy. It didn't disclose the purchase
price, which it said isn't material.
Solar power accounts for less than 1 percent of generation in New Zealand although solar installations have increased
fourfold to more than 8,000 in the past two years. Some 80 percent of New Zealand's electricity is generated by
renewable energy and solar power complements the country's existing hydro, geothermal and wind resources, MRP said.
MRP, Contact Energy and Genesis Energy have all announced the closure of either gas or coal-fired power plants over the
past year, which will remove more than 1,000 Megwatts of capacity from the national electricity system.
MRP's purchase is expected to settle at the end of February. WPC founder Dave Keppel will remain with the company as
general manager, and will continue to oversee the unit's day-to-day operations.
MRP shares last traded at $2.82, and have shed 13 percent the past 12 months.
(BusinessDesk)