Manawa Energy

What Manawa Energy does

Manawa Energy Limited, formerly Trustpower Limited and rebranded in May 2022, is Aotearoa New Zealand's largest independent electricity generator. The company operates a portfolio of 43 power stations across 25 to 26 hydroelectric schemes spanning the country from Bay of Plenty to Otago, with major assets including Matahina (80MW), Waipori (87MW), Coleridge (39.5MW), and Cobb (36MW), plus a small diesel peaker at Bream Bay used for grid stability. Generation combines run-of-river and water storage configurations, with the Coleridge and Highbank stations in Canterbury also providing water storage and pumping services to rural businesses for irrigation.

The company monetizes its generation through three channels: (i) wholesale electricity sales to the New Zealand national grid operated by Transpower under usage-based pricing subject to hydrology and market conditions, (ii) direct electricity supply under subscription arrangements to approximately 550 Commercial and Industrial customers, and (iii) recurring water storage and irrigation services to Canterbury rural businesses utilizing existing hydro infrastructure. Manawa has previously funded its operations in part through NZX-listed Green Bonds (MNW170, MNW180, MNW190), and certifications include DNV-verified sustainable finance framework and NZS7901:2008 public safety management compliance.

Manawa Energy was acquired by Contact Energy Limited via a Scheme of Arrangement that completed on 11 July 2025, with NZX delisting on 5 August 2025. Manawa is now a wholly-owned subsidiary operating within the Contact whānau. Prior to the acquisition, the company was building out a multi-gigawatt development pipeline spanning four wind farm projects (Huriwaka 300MW, Kaihiku 300MW with Pioneer Energy, Hapuakohe 230MW, Ototoka 150MW) and two solar projects (Argyle ~65MW and Hawke's Bay Airport 40MW JV), representing a significant diversification of its generation mix beyond hydroelectric.

Name

Manawa Energy

Legal name

Manawa Energy Limited

Website

https://manawaenergy.co.nz

Company type

Private

Founded year

2022

Operating status

Acquired

Headcount range

101–250 employees

Short description

Manawa Energy is New Zealand's largest independent renewable electricity generator, operating 43 hydroelectric power stations across 25 schemes and supplying wholesale power to the national grid and ~550 commercial and industrial customers. Now wholly owned by Contact Energy following its July 2025 acquisition.

Ownership category

akta.pro rank

Product category

Renewable Power Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Reservoir/Impoundment Hydroelectric Generation (EUACAEAB)

akta.pro secondary industry

Hydropower Grid Integration & Ancillary Services (Frequency/Voltage Support) (EUACAEAL)

Keywords

• Hydroelectric power generation
• Renewable energy generation
• Wholesale electricity supply
• Water storage services
• Wind farm development

Headquarters

HQ city

Tauranga

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Wholesale Electricity Generation: Manawa Energy generates electricity from its portfolio of 43 hydro power stations and sells power to the national grid. Output is influenced by hydrology conditions and wholesale electricity prices. The company also operates a single diesel peaker (Bream Bay) representing less than 1% of total generation for grid stability during high demand periods.
2. Water Storage Services: Manawa Energy provides water storage and pumping services to rural businesses in Canterbury, utilizing existing hydro-electric generation infrastructure at Coleridge and Highbank power stations. Water is stored for irrigation purposes and released into rivers for agricultural use.
3. Commercial & Industrial Electricity Supply: Manawa Energy supplies approximately 550 Commercial and Industrial customers with electricity directly

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Manawa Energy operates 43 hydroelectric power stations across 26 schemes throughout New Zealand, generating renewable electricity from run-of-river and water storage assets. Generated power is sold wholesale to the national grid (Transpower) and directly supplied under contract to approximately 550 commercial and industrial customers. The company also provides water storage and pumping services for rural businesses in Canterbury using existing infrastructure at Coleridge and Highbank, and is developing additional wind and solar generation capacity.

Product overview

Manawa Energy is Aotearoa New Zealand's largest independent electricity generator, operating 26 hydro-electric power schemes as its core product alongside commercial/industrial electricity supply to ~550 customers. The company is expanding into wind and solar development (Huriwaka, Kaihiku, Hapuakohe, Ototoka wind farms; Argyle, Hawke's Bay Airport solar farms) and offers water storage services for Canterbury agriculture. Green bonds (MNW170, MNW180, MNW190) provide sustainable finance options. On July 11, 2025, Contact Energy completed its acquisition of Manawa Energy, integrating it into the Contact whānau.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydroelectric Power Generation Portfolio of 26 hydroelectric power schemes across New Zealand, generating renewable electricity from run-of-river and water storage assets. Generation is sold wholesale to the national grid. Major stations include Matahina (80MW), Coleridge (39.5MW), Cobb (36MW), and Waipori (87MW).
• Commercial and Industrial Electricity Supply Direct electricity supply to approximately 550 commercial and industrial customers in New Zealand under negotiated contracts based on volume, term, and prevailing market conditions.
• Water Storage Services Water storage and pumping services for rural businesses in Canterbury, utilizing existing hydro generation infrastructure at the Coleridge and Highbank power stations to coordinate water release for agricultural irrigation with electricity generation cycles.

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered flagship, core and minor.

• Contact EnergyflagshipStrategic or Co-development Partner · 11 July 2025Contact Energy completed acquisition of Manawa Energy on 11 July 2025 through a Scheme of Arrangement. Manawa Energy is now 100% owned by Contact Energy and operates as part of the Contact whānau. The acquisition was part of Contact's strategy to strengthen its renewable energy portfolio and investment in generation assets.
• Pioneer EnergycoreStrategic or Co-development Partner · 1 October 2023Manawa Energy and Pioneer Energy are jointly developing the Kaihiku Wind Farm project in South Otago. Manawa Energy is leading the development while both companies contribute to project advancement. The project will have up to 300 MW capacity.
• Hawke's Bay AirportcoreStrategic or Co-development PartnerHawke's Bay Airport and Manawa Energy entered into a joint venture agreement to confirm viability, establish and construct a solar farm at Hawke's Bay Airport. The project will provide renewable energy for export to the local network and supply local homes and businesses.
• King Country Energy (KCE)coreStrategic or Co-development PartnerKing Country Energy owns five power stations (Piriaka, Mangahao, Kuratau, Mokauiti, Wairere) that are operated by Manawa Energy. This operational partnership leverages Manawa Energy's expertise in hydro generation management.
• Hororātā Community TrustminorOthersManawa Energy is a Strategic Partner for the Hororātā Community Trust in Canterbury, sponsoring the Heavy Competition Arena at the Hororātā Highland Games and the Manawa Energy Glow Walk at the Hororātā Glow Festival.
• Ngamanawa Incorporation and Department of ConservationminorStrategic or Co-development PartnerManawa Energy partnered with Ngamanawa Incorporation and the Department of Conservation to provide funding for surveys and predator control in areas around the Kaimai Hydro-electric Power Scheme. 970 hectares was protected with 19 kōkako pairs and 6 territorial singles recorded.

Scale indicators7 records

Recent moves8 records

Others

• Infratil: NZX-listed infrastructure investment company with a ~14.3% stake in Contact Energy (and former Manawa shareholder via the merger). An institutional investor in NZ renewables rather than a direct operator, but a key capital and strategic backer of the same assets.

Broad incumbents

• Vector Limited: NZ-listed energy infrastructure company focused on electricity and gas distribution networks, with growing renewable generation. Broader incumbent in the NZ electricity value chain that overlaps with Manawa on generation and grid-facing services.
• Contact Energy: New Zealand's largest electricity generator and retailer, now Manawa's 100% parent following the July 2025 acquisition. Operates a mix of geothermal, hydro, and gas generation, and is the most direct comparison for Manawa's combined platform post-merger.

Direct peers

• Meridian Energy: New Zealand's largest renewable electricity generator, operating a portfolio of hydro and wind assets including the Waitaki hydro scheme and multiple wind farms. Closest direct peer in scale and renewable mix to Manawa.
• King Country Energy: Smaller NZ hydro generator whose five power stations (Piriaka, Mangahao, Kuratau, Mokauiti, Wairere) are operated by Manawa under a service partnership. A direct operational peer at smaller scale.
• Mercury NZ: NZ-listed generator and retailer with hydro assets on the Waikato River and a growing wind portfolio (e.g., Turitea). Comparable in business model (generation plus retail/C&I supply) and hydro scale to Manawa.
• Manawa Energy (Trustpower legacy operations): Predecessor identity of Manawa Energy (formerly Trustpower Limited), which historically operated hydro, wind (Tararua, Mahinerangi), and Snowtown assets in Australia. The Australian wind portfolio was divested prior to the 2022 rebrand and Contact acquisition.
• Genesis Energy: NZ generator and energy retailer with hydro (Tekapo), thermal, and wind assets. Comparable in being a major NZ wholesale generator with a C&I and retail customer book, though with more thermal exposure.
• Pioneer Energy: NZ-based renewable generator and developer with hydro and wind assets. Manawa's joint-venture partner on the Kaihiku Wind Farm, making it a directly comparable developer in NZ renewables.

Regional players

• Tilt Renewables: Australia and NZ-based wind energy developer (now part of Mercury/Origin joint ownership) with NZ wind assets. Most relevant peer for Manawa's wind development pipeline (Huriwaka, Kaihiku, Hapuakohe, Ototoka).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/manawaenergy
• LinkedInlinkedin.com/company/manawa-energy

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manawa Energy