Meridian Energy has separated its Damwatch dam safety engineering subsidiary and created a new subsidiary called Dam Safety Intelligence Limited.
Damwatch will keep its name and be sold to a group that includes members of Damwatch management and Rooney Group.
The decision is the result of a strategic review and is part of Meridian Energy’s commitment to continuously look at how Meridian’s business can be improved, says General Counsel Jason Stein.
According to a press release, Peter Amos will continue to be managing director of Damwatch, and Meridian Energy’s founding chief executive, Keith Turner, will chair the board of Damwatch.
“Customers of Dam Safety Intelligence will continue to get the services they need to ensure the safety and longevity of New Zealand and Australian hydro assets,” Stein says. “Meridian is looking forward to continuing its good relationship with Damwatch as a customer of its specialist dam engineering services.”
The sale of Damwatch is expected to be completed in December 2016.
Damwatch, based in Wellington, New Zealand, is a dam engineering consultancy focused on the hydroelectric, irrigation and water supply sectors. It was founded in 1999 and has about 40 employees.
Meridian Energy owns seven hydro stations: Aviemore, Benmore, Manapouri, Ohau A, Ohau B, Ohau C, and Waitaki.