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Genesis Energy raises $400M to grow, cut debt, and boost renewables, with NZ government investing $198M to keep majority stake.
Genesis Energy, a New Zealand power company, announced a $400 million capital raise—$100 million from institutional investors and $300 million via a rights issue—to support growth and reduce debt, following record half-year profits.
The New Zealand government will invest $198 million to maintain its 51% ownership.
Funds will advance renewable projects and flexible generation capacity under the "Gen35" strategy, with proceeds initially used to lower net debt.
The move follows improved energy market conditions and a sector-wide agreement to manage the Huntly coal plant.
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Genesis Energy recauda $400M para crecer, reducir la deuda e impulsar las energías renovables, con el gobierno de Nueva Zelanda invirtiendo $198M para mantener la participación mayoritaria.