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The Wairakei Geothermal Power Station was commissioned in 1958. In 2001 Contact Energy Limited applied for a range of Resource Consents to provide for the ongoing operation of the Power Station. During the ensuing submission process, the Department of Conservation and Fish and Game New Zealand lodged submissions seeking that the environmental effects generated by the operation of the Power Station should be appropriately avoided, remedied or mitigated.

To address the issues raised by the Department of Conservation and Fish and Game NZ in their submissions, the concept of a Mitigation Trust to implement and financially support suitable environmental projects was advocated by Contact Energy. Subsequently a Memorandum of Understanding between the parties was signed in October 2003, with the Wairakei Environment Mitigation Charitable Trust (the Trust), Charitable Trust Deed was signed on the 19th of December 2003 which formally established the Trust. The operation of the Trust is governed by a Charitable Trust Deed in accordance with the Charitable Trusts Act 1957.

The Trust convened its inaugural meeting on the 18th of May 2004.