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Hawkes Bay Regional Council today confirmed Ngai Tahu has withdrawn from the MOU.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

 

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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