skip to main content

HBRIC Ltd January Update

RWS Logo

Friday January 29, 2016

Finalising the investor mix for the Ruataniwha Water Storage Scheme is the current focus for the Hawke’s Bay Regional Investment Company Limited.

In its monthly report to the Hawke’s Bay Regional Council on Wednesday, HBRIC Ltd Chief Executive Andrew Newman said it was making good progress with potential investors, including two institutional investors, Crown Irrigation Investments Ltd and banks re debt funding. HBRIC Ltd hopes to be in a position to announce a preferred investor soon.

Water Uptake
Work on the water uptake work stream has been in a holding pattern over the holiday period awaiting sufficient clarity around the investor mix before gearing up again.
To date there has been 31 million cubic metres of water signed up with a further 11 million cubic metres in the contracting phase. The water uptake will be the final condition to be met.

Funding
HBRIC Ltd has received $575,000 from the Government’s Irrigation Acceleration Fun to help fund early geotechnical works at the proposed reservoir site. This was less than applied for and HBRC has given HBRIC Ltd approval to increase its borrowing level from $2.5 million to $3 million to enable the work to continue.

DOC Land Exchange Judicial Review
HBRIC Ltd continues to wait for a decision on Forest & Bird’s judicial review of the Department of Conservation land exchange. Forest & Bird believe the Department of Conservation should have reviewed the conservation values of the 22 hectares of Ruahine Forest Park to be exchanged in isolation, then considered the exchange proposal. A decision is expected at any time.

6 April 2016

Back to News Archive

Hawke's Bay Regional Council - Copyright © 2019 Hawke's Bay Regional Council

Disclaimers and Copyright
While every endeavour has been taken by the Hawke's Bay Regional Council to ensure that the information on this website is accurate and up to date, Hawke's Bay Regional Council shall not be liable for any loss suffered through the use, directly or indirectly, of information on this website. Information contained has been assembled in good faith. Some of the information available in this site is from the New Zealand Public domain and supplied by relevant government agencies. Hawke's Bay Regional Council cannot accept any liability for its accuracy or content. Portions of the information and material on this site, including data, pages, documents, online graphics and images are protected by copyright, unless specifically notified to the contrary. Externally sourced information or material is copyright to the respective provider.

© Hawke's Bay Regional Council - www.hbrc.govt.nz / +64 6 835 9200 / info@hbrc.govt.nz