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

 


Ngai Tahu follows Trustpower in quitting Ruataniwha scheme

Ngai Tahu follows Trustpower in quitting Ruataniwha scheme

May 19 (BusinessDesk) – The Hawke’s Bay’s Ruataniwha Water Storage Scheme has been dealt another blow after the South Island’s Ngai Tahu followed Trustpower in withdrawing from the irrigation project.

The proposed development is part of the wider Tukituki Catchment Proposal that was granted resource consents by a Board of Inquiry last month. However, the board imposed more stringent conditions on run-off into waterways that undermined the economics of the scheme for farmers.

Ngai Tahu had been relying on the technical expertise of Trustpower, which in March withdrew from a memorandum of understanding to fund up to $60 million of the cost of the project, saying it didn’t meet its risk and return framework.

Hawkes Bay Regional Council today confirmed Ngai Tahu has withdrawn from the MOU.

“Ngai Tahu have been looking for a partner with infrastructure expertise as well as an entity already operating in the South Island,” said council chief executive Andrew Newman. “Trustpower brought both of those qualities to the table and Ngai Tahu were depending on an investor partner to meet those needs.”

The council’s Hawke’s Bay Regional Investment Company is pressing ahead with “gaining workable resource consents through the Environmental Protection Authority’s Board of Inquiry, and the signing of Water User Agreements with farmers,” it said. It is talking to other potential investors.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news