State-owned Meridian Energy is to pay a special dividend of nearly $521 million to the Government from the sale of South Island hydro stations Tekapo A and B to Genesis Energy.
Meridian today said it had confirmed the sale process for the stations, which had a sale price of nearly $821m.
Meridian chief executive Tim Lusk said the special dividend had been approved following detailed analysis of future funding needs.
The sale was part of a package of Government reforms aimed at improving the electricity sector.
