Reported on earlier here, it is now announced that “Contact Energy has raised about NZ$332 million (US$259 million) from shareholders to fund the building of new generation plant.
The power firm had hoped to raise about $350 million by offering investors one share for every nine held at $5.95 each. Nearly 95% of investors, including 52% shareholder Origin Energy, took up the offer.
Contact will issue an extra 66 million shares. The remaining shares will be offered to larger investors through a book building process. The money will be used to build the 166 megawatt Te Mihi geothermal power station north of Taupo, which due to be completed by mid-2013.”
Source: Radio New Zealand
