16 October 2018

The latest Waimea Irrigator PDS brings greater local commitment to dam project

Waimea Irrigators limited (WIL), partners in the proposed Waimea Community Dam, have re-issued their product disclosure statement as a result of the recently increased construction price.

WIL has advised the revised PDS provides clarity to subscribers as to how the construction price increase will be managed by the irrigator company with support from an investment vehicle. This is a different investment vehicle to one described earlier in September when WIL presented a solution to the funding gap that had a week before effectively cancelled the proposed dam project.

While it is a different investment proposition to the institutional investor proposed at the September meeting by WIL, the new investment vehicle is no less robust and is made up by local interests with a closer physical relationship with the area and a higher level of ownership in the proposal than the previous investor.

“The change of investor should give ratepayers comfort as it reflects a higher level of commitment to the success of the scheme and the future of the Waimea,” said Tasman Mayor Richard Kempthorne.

“The project’ partners have ticked off the majority of the obligations that need to be met by Financial Close on 30 November this year. With the renewal of the PDS introducing the new investment vehicle we are a step closer to the proposal and the solution to the water shortage on the Waimea becoming a reality.”

The investment model in the revised PDS does not change the obligations on Council ratepayers as discussed at the 6 September Council meeting.

ENDS

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