The partnership was formerly between Pioneer Energy (50%) and Roaring Forties Energy Limited Partnership, owned by The Power Company Ltd and Electricity Invercargill Ltd.
The later two groups had a 25% stake each in their Southern Generation Limited Partnership.
The Southern Generation portfolio includes four North Island hydro stations, two South Island wind farms and one wind-farm development in Southland.
These assets, previously maintained and operated by Pioneer Energy on behalf of the partnership, will join the wider portfolio of renewable hydro, wind, thermal and waste-to-energy facilities across New Zealand.
"Consolidating the portfolio will enable the business to achieve better economies of scale, remove duplicated administration and allow for greater synergies between assets and operations" Pioneer Energy chief executive Fraser Jonker said in a statement yesterday.
"By acquiring the Southern Generation assets we will streamline our services and allow the business to strengthen its platform for future growth.
"We would like to thank our partners for the journey we have shared together. Our collective vision, to invest in renewable energy for a sustainable future, has guided us over the past nine years and culminated in a successful business partnership."
Pioneer Energy recently celebrated 100 years of energy, supported by its owner the Central Lakes Trust. With a rich history in Central Otago, Pioneer Energy has transformed into a renewable energy developer and operator with nationwide assets.
Pioneer Energy is poised to continue its growth plan alongside the Ōtautahi Christchurch Organics Processing Facility, under the Ecogas partnership it shares with organic resource recovery experts EcoStock.
The Southland Power Trust was the 100% owner of The Power Company Ltd.
Trust chairman Carl Findlater said the decision to sell aligned with the trust’s focus on core assets that ensure Southland’s electricity network remained safe, efficient, and reliable.
"The joint venture has been a successful investment but is a non-strategic asset for the trust. Exiting this interest ensures the trust is well-positioned to support increasing demand for electrification of the Southland and Otago economies. It also enables the trust to pursue opportunities to consolidate ownership and management of local electricity networks, ensuring ownership remains in local hands for the benefit of local consumers", Mr Findlater said.
