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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news