Meridian Energy to invest NZ$510M in upgrade
- Meridian Energy commits up to NZ$510 million to overhaul its 92-year-old Waitaki Power Station over ten years.
- The company maintained its 2027 capital expenditure guidance at NZ$370 million to NZ$410 million following the announcement.
- The upgrade aims to boost generating capacity to 120MW and improve operational reliability as New Zealand expands renewable energy.
Meridian Energy (ASX:MEZ) will invest between NZ$440 million and NZ$510 million over the next decade to upgrade its Waitaki hydro station.
The project will increase available capacity from 105MW to 120MW while replacing all seven turbines, generators, and 23 headgates.
"This project will breathe new life into the iconic asset, powering on the legacy of those who built it for decades to come," said Meridian Energy CEO Mike Roan.
The investment includes 85% repowering capital expenditure and 15% growth capital expenditure, with main works assigned to Voith Hydro and Gentec Solutions.
The upgrade will boost overall station performance, and following the announcement, the Meridian Energy share price was unchanged at $4.40.
Originally built during the 1930s Depression, the station currently generates enough electricity for approximately 51,000 average homes.
The power plant will remain operational during the ten-year project through carefully scheduled unit outages.
