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

 


BNZ funds Transmission Gully PPP

BNZ funds Transmission Gully PPP

BNZ announced today that it has funded New Zealand’s third and most significant public private partnership (PPP) to date. The 27 kilometre, four lane Transmission Gully motorway from MacKays to Linden was highlighted as a road of national significance by the government. The funding will ensure the key piece of public infrastructure will progress with the highway expected to be open for traffic in 2020.

As lead bank to successful bidder, Wellington Gateway Partnership, BNZ has provided 20% of the senior bank debt facility which will be used to construct the motorway. The long-awaited Transmission Gully motorway will be built by Leightons Contractors Pty Limited and HEB Construction Limited, and will be operated by Leightons.

BNZ head of Institutional Banking, Paul Blair says the funding is a landmark transaction for PPPs in New Zealand.

“Well-executed public private partnerships can ensure that large pieces of national infrastructure can be delivered.

“We believe the successful execution of the Transmission Gully project will pave the way to the development of other much-needed public infrastructure which will create jobs, connect cities with ports and production hubs and drive New Zealand’s economic growth.”

BNZ’s involvement in the project continues the bank’s market-leading position financing PPPs. The bank now funds two of the three major PPP’s currently executed in New Zealand.

“We expect our leading capability in infrastructure funding and project finance will be vital for New Zealand as the government sector balances the development of infrastructure critical to growth with the enormous requirements of the Christchurch rebuild, building strengthening in Wellington, and investing in Auckland,” says Mr Blair.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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