Contact Energy and the Proprietors of Taheke 8C and Adjoining Blocks Incorporation have signed an agreement that will see the two organisations join together in the appraisal and development of the Taheke geothermal field near Rotorua, New Zealand.

The Taheke 8C and Adjoining Blocks Incorporation own lands above the Taheke geothermal field on the shore of Lake Rotoiti and has selected Contact Energy as its exclusive development partner. The agreement was signed by Contact Managing Director David Baldwin and the Committee of Management of Taheke 8C and Adjoining Blocks Incorporation at Pounamunui Marae on the shores of Lake Rotoiti.

'After a thorough and contestable process to identify the most suitable joint venture partner for Taheke 8C, Contact stood out as the best fit for us and our aspirations,' Chairman Tawhiri Morehu said.

'The combination of a strong commercial approach, commitment to sustainable development, expertise in geothermal reservoir management and development as well as a willingness to work jointly with the incorporation ticked the right boxes for us,' he said.

'We are kaitiaki of this land so sustainable and careful development of the geothermal resource is essential. We need to be able look after both the land and the economic advancement of our people in the long term,' Mr Morehu said.

Tags: Contact Energy