4 November 2020 - Mercury has sold its interest in the Hudson Ranch 1 geothermal power station (HR1), located on the Salton Sea in California, to a subsidiary of Macquarie Infrastructure Partners V, a fund managed by Macquarie Infrastructure and Real Assets.

Mercury acquired its interest in HR1 in 2010, partially funding the development of the 55MW geothermal station which has now been operating for over eight years. Mercury received net proceeds for the sale of approximately NZ$40m.

Mercury has retained its minority interest in EnergySource LLC, the developer and operator of HR1, and EnergySource Minerals LLC, a related company currently trialling lithium and other mineral extraction from the geothermal brine at HR1.

Mercury Chief Executive, Vince Hawksworth, said the sale outcome was pleasing and capped off a successful investment at HR1, while the minority interest retained in the EnergySource companies allows Mercury to participate in any further value brought about by the development of innovative mineral extraction technologies currently underway.

Howard Thomas
General Counsel and Company Secretary
Mercury NZ Limited

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