- Hon Nicola Willis
- Hon Simeon Brown
- Hon Simon Watts
The Government has confirmed it will buy up to $200 million of new Genesis Energy shares as part of a capital raise announced by the company this morning.
Finance Minister Nicola Willis says the raise will support and advance the Government's goals for secure and affordable energy.
"We confirmed last year that we would consider requests from all three Mixed Ownership Model energy companies for Crown investment in commercially sound generation capacity.
"Genesis' proposed investments will directly contribute to enhancing energy security, including through enabling Genesis to bring more flexible capacity to the market which can be used to address dry-year risk".
State Owned Enterprises Minister Simeon Brown says the Government's investment aims to strengthen the performance and long-term value of one of New Zealand's state-owned assets.
"This is about delivering better outcomes for Kiwis and ensuring we have a stronger, more secure, and more reliable energy system."
Energy Minister Simon Watts says this is only one part of a wider Government work programme.
"This decision is part of a wider package of work the Government is undertaking to support energy security and drive down the cost of living for all New Zealanders".
The purchase of new shares will ensure the Crown retains a 51 per cent share of Genesis at the conclusion of the raise.
All eligible investors in the Genesis equity raise are encouraged to undertake their own due diligence and seek individual professional investment advice before making decisions with respect to the raise.
