What are the details of the Contact Energy (ASX:CEN) acquisition of King Country Energy?

Contact Energy has moved to 100% ownership of King Country Energy by purchasing the remaining 24.98% stake from the King Country Trust.

How does the King Country Energy deal affect the Contact Energy (ASX:CEN) asset portfolio?

The acquisition grants Contact Energy full control over five hydropower stations located in the North Island of New Zealand, specifically in the King Country and Horowhenua regions.

What does the $47 million share issuance mean for existing Contact Energy (ASX:CEN) shareholders?

The deal involved issuing nearly five million new shares at a price of $9.42 per share, which was calculated using a five-day volume-weighted average price.

What are the escrow conditions for the new shares issued by Contact Energy (ASX:CEN)?

The shares issued to the King Country Trust are subject to a 12-month escrow period, meaning the Trust cannot sell the shares on the open market for one year.

Why is the King Country Energy acquisition strategically important for Contact Energy (ASX:CEN)?

The move is a core component of the "Contact31+" strategy, which focuses on leading New Zealand’s transition to a decarbonised energy future.

Is Contact Energy (ASX:CEN) taking on significant operational risk with this purchase?

Operational risk is considered low because Contact’s subsidiary, Manawa Energy, has already been operating and maintaining these specific stations since 2017.

Contact Energy secures full ownership of King Country Energy

Written by Liezl GambePublished Apr. 16 2026Last Updated Apr. 16 2026

Contact Energy (ASX:CEN) has finalised its acquisition of King Country Energy, purchasing the remaining 24.98% stake from the King Country Trust to take 100% ownership of the company.

The deal, valued at approximately $47 million, was settled through the issuance of nearly five million new Contact shares to the Trust at a price of $9.42 per share.

The move secures full control of five North Island hydropower stations with a combined capacity of 53MW, reinforcing Contact’s renewable energy portfolio and regional resilience.

While the newly issued shares are subject to a 12-month escrow period, the Trust will maintain full voting and dividend rights during this time.

Contact CFO Matt Forbes noted that the acquisition is a key component of the company’s "Contact31+" strategy, aimed at decarbonising New Zealand’s energy sector.