NWF agrees a new VVFPA for 25% of production Q4 22 to Q2 23

28 May 2021 NZX announcement For immediate release NZ WINDFARMS LIMITED AGREES A NEW VARIABLE VOLUME FIXED PRICE AGREEMENT FOR 25% OF ITS PRODUCTION BETWEEN 1 OCTOBER 2022 TO 30 JUNE 2023 NZ Windfarms Limited (NZX: NWF) is pleased to announce it has agreed the terms of its fourth Variable Volume Fixed Price Agreement (VVFPA) for 25% of its production from 1 October 2022 to 30 June 2023. The price reflects materially elevated forward electricity prices in comparison to historic norms and that will flow through to revenue. The Company's electricity price is 100% hedged to 30 September 2022 and 25% hedged up to 30 June 2023. Counter party one has the contract from Q1 2021 through to Q2 2022. Counter Party two has the contract for Q3 2023. Counter party three has the contract for 25% of the generation between Q4 2022 and Q2 2023.The Company will consider its options with respect to the 75% unhedged generation for that period, and beyond, in its normal course of business. For more information please contact either John Southworth, Chairman (+64 21 930 451) or Warren Koia, Chief Executive (+64 6 280 2773). End CA:00373063 For:NWF Type:MKTUPDTE Time:2021-05-28 14:51:18