China acquires first geothermal power station in New Zealand
Will finish building the plant near Taupo.
The Taupo plant was acquired by an as yet unnamed Chinese power company that media sources said wants to invest US$300 million to finish the plant’s construction.
When fully developed, the plant will operate 24 hours a day for the next 50 years. New Zealand’s Overseas Investment Office has approved the deal.
Critics claim the plant is simply not viable since there's not enough geothermal activity in the field. They believe China's first attempt at generating power in New Zealand will fail.
Taupo is a town on the shore of Lake Taupo in the center of the North Island of New Zealand.