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

 

Crown Irrigation Invests up to $3.4m in North Canterbury

Media release

23 November 2016

Crown Irrigation Invests up to $3.4m in North Canterbury – some good news for the region

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury.

The scheme infrastructure includes water intakes from the Hurunui and Waitohi rivers, with both on plain and dam storage, and a pressurised piped distribution system. The current project cost estimate is approximately $200 million.

“The Crown Irrigation contribution is a very important step.” said Alex Adams, CEO of the Hurunui Water Project. “It supplements the recent shareholder loan that was so well subscribed and gives us the backing we need to proceed with the next development phases. Our shareholders really need this scheme and although they are seeking a lower irrigation density scheme, it will make a real difference to the community’s resilience.”

The funding has been allocated in two phases, with $1.8m being applied to the feasibility phase and a further $1.6m will be available for the project commitment phase when the project is proven to be commercially viable.

“The Hurunui Water Project scheme was one of the first to include the modern era nutrient discharge rules in its consents, and has strict requirements on both the farmers and the scheme itself.

“Since September, when the shareholder loan was subscribed and Rooney Group signed up under Early Contractor Involvement conditions, we’ve been making progress with the necessary design work,” Alex Adams said.

Murray Gribben, CEO of Crown Irrigation Investments said: “Irrigation schemes have been proven to add significant economic and environmental benefits to local regions and the New Zealand economy in other parts of the country. The Hurunui Water Project will deliver significant resilience to the local Hurunui economy which has been struggling with continued droughts over recent years.

“Crown Irrigation is looking forward to working alongside the Hurunui Water Project team to bring this important project to fruition. The capital commitment demonstrates the importance of irrigation infrastructure being successfully delivered for the region,” Murray Gribben said.

Crown Irrigation Investments provides both development funding and construction capital to irrigation schemes across New Zealand.

Crown Irrigation Investments provides funding to, and invests in, irrigation schemes that have the potential to generate long-term economic benefits from irrigation for New Zealand. Development grant funding is provided to support scheme development, and investment capital is provided alongside other partners for scheme construction.

“By assisting schemes to reach construction Crown Irrigation Investments helps harness the opportunity that irrigation provides to improve productivity in the primary sector, create jobs, increase export earnings and, ultimately, accelerate New Zealand’s economic development,” Murray Gribben said.

Alex Adams said the Project team will be meeting with its shareholders at the AGM on Wednesday 23rd November and then focusing on the local community.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>