UPDATE - Meridian blames Australian govt for USD-25m write-down

Meridian Energy's Makara wind park in New Zealand. Author: Gabriel Pollard. License: Creative Commons. Attribution 2.0 Generic.

August 19 (SeeNews) - New Zealand-based utility Meridian Energy Ltd (NZE:MELCA) blames the current Australian government for the NZD-38-million (USD 25m/EUR 22.6m) write-downs on the value of its Aussie wind assets.

Today, the company announced its financial results for the fiscal year ended on June 30, 2015, revealing it had written off the sum from the value of its 70-MW Mt Millar wind farm in South Australia. Meridian’s CEO Mark Binns explained, as quoted by local media, that the writedown is a result of the Aussie government’s recent repealing of a carbon tax and the reduction of the renewable energy target (RET).

Regardless of the asset impairment, the hydro and wind power producer reported a 7% year-on-year rise in fiscal-year net profit to NZD 247 million.

(NZD 1.0 = USD 0.660/EUR 0.596)

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