Mercury (ASX:MCY, NZE:MCY) is set to invest up to NZ$1 billion in its next growth phase as the company scales up its geothermal platform, according to Thursday filings with the Australian and New Zealand bourses.
The company has committed NZ$75 million to geothermal appraisal drilling for projects at Ngā Tamariki and Rotokawa in New Zealand to add 1 terawatt-hour of new geothermal generation, with first generation targeted for 2030.
Mercury said it is funding the initiative from its balance sheet and expects the investment to be value accretive.
The company's shares in the New Zealand bourse fell 2% in recent trade.
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