5. Small Hydros
ECNZ is currently managing the sales of the small hydro stations - Matahina, Highbank Waikaremoana and Cobb. Under the current timetable ECNZ expects that it will have entered into an unconditional agreement for the sale of Matahina and Highbank and that settlement will have taken place prior to 31 March 1999. Accordingly, these stations will remain with ECNZ.
In relation to the other hydro stations the Government has decided:
- Waikaremoana will be allocated to the Huntly SOE on the basis that it is sold by June 2000; and
- Cobb will be allocated to the South Island SOE on the basis that it is sold within 18 months of being cleared for sale.
The proceeds of these sales will be returned to the Crown by the relevant SOE.
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