Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ruataniwha Water Storage Scheme Investor Update

HBRIC Ltd Media Release
27 March 2014
Investor Update

Hawke’s Bay Regional Investment Company Ltd (HBRIC) received formal notification of TrustPower’s decision to withdraw from investing in the Ruataniwha Water Storage Scheme this morning.

HBRIC Ltd is continuing to negotiate on a confidential basis with a number of parties considering investment in the Scheme, either as equity or debt. HBRIC Ltd expects the final capital structure to become clear as it consolidates Water User Agreements with irrigators.

Crown Irrigation Investments Ltd is currently in active engagement with HBRIC Ltd about a potential investment in the Ruataniwha scheme, but as with HBRIC Ltd and its shareholder, Hawke’s Bay Regional Council, has made no decision to invest at this point.

HBRIC Ltd is continuing to work with the other institutional investor; Ngai Tahu Holdings Corporation Ltd (NTHC). NTHC says the project has a number of components that are key to its success, including commercial criteria and the involvement of the right investment partners. It is currently working these issues through with HBRIC Ltd and other parties. Participation will be dependent on these matters being satisfactorily addressed.

Qualified Hawke’s Bay investors are also being given the opportunity to express their interest in investing in the water storage scheme, through a Preliminary Information Memorandum (PIM) which was released last week.

HBRIC remains strongly of the view that RWSS offers the Hawke’s Bay community both significant environmental and economic benefits and that subject to securing contractual commitments to take water that the scheme will prove financially viable.

The scheme has the potential to supply secure irrigation to 25,000-30,000 hectares of land for irrigated farming, while improving the water quality and summer flows in the Tukituki River. If given approval, and once operational, the scheme is expected to create around 2,520 new jobs throughout Hawke’s Bay.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Half Empty: Dairy Product Prices Drop To Lowest Since December 2012

Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news