The New Zealand Superannuation Fund has completely written off the value of its investment in US wind turbine company Ogin which is in the process of being wound down. The debt portion was repaid in 2014 and the Super Fund injected a further US$3.8m. Ogin recently sold the wind turbine applications platform to Danish wind turbine maker Vestas, and the Super Fund said Ogin's remaining assets are being divested and it's being wound down. "Commercially this has not been a successful investment for the NZ Super Fund and we are disappointed with the outcome," chief investment officer Matt Whineray said. The Ogin investment barely dented the fund's returns, representing just 0.2 per cent of its $30.1 billion portfolio at the time of the write-off.

Source: New Zealand Herald April 21, 2017 00:00 UTC