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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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