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4/6/2018 — Alternative Energy
New chairman for NZ Windfarms

New Zealand Windfarms Ltd (NZX: NWF) has appointed independent director Stuart Bauld as its new chairman.

He will take up the position following current chairman Rodger Kerr-Newell’s decision to step down.

Bauld was appointed as a board member in 2016. He is a retired PWC partner and an experienced director.

Chairman Kerr-Newell is stepping down as chairman for personal reasons.

Bauld said he and Kerr-Newell contributed to the company’s turnaround in performance in the past 15 months.

“We have implemented an aggressive cost-out programme, put in place intelligent turbine curtailment regimes, obtained regulatory relief in the wholesale market and put a decade of noise litigation behind us,” said Bauld.

“We also successfully purchased $17.3 million of electrical assets that were subject to a costly finance lease.” Bauld added.

“The financial impact of these initiatives is starting to be seen, with our half year to December 31, 2017 accounts showing an EBITDA of $2 M against revenue of $4.3 M.

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