Electricity distributor Marlborough Lines (MLL) is looking for a partner to invest in Yealands Wines as part of a plan to accelerate renewable energy production and electrification development in the region.
MLL said the divestiture of part of its subsidiary, Yealands Wine Group, was part of the plan to move the wine region towards a zero-carbon future.
MLL, owned by the Trust, said it has also established a new subsidiary, Energy Marlborough, to promote sustainable regional growth and provide sustainable dividends to local electricity consumers.
“Yealands has a valuable asset base, which has grown by $ 100 million since 2015 when we first purchased it,” said MLL President Phil Robinson, adding that the winemaker had excellent prospects for success. growth, with strong management and governance in place.
“We expect any new partner to improve the region’s business and interests while maintaining stability and minimizing any disruption,” he said.
“Due to the importance of Yealands’ business within Marlborough, we will carefully evaluate the different stakeholders and interests of the community.”
Yealands was one of New Zealand’s largest independent producers and exporters, with an annual production of 1.6 million cases of wine.
If a suitable partner was not found, Robinson said MLL would continue to actively support Yealands.
“We are committed to ensuring the right partner under the right conditions to deliver value to our stakeholders,” he said.