HBRIC Ltd Update

Wednesday February 24, 2016

Hawke’s Bay Regional Investment Company Ltd (HBRIC Ltd) expects to confirm a preferred private investor for the Ruataniwha Water Storage Scheme soon.

HBRIC Ltd told today’s Hawke’s Bay Regional Council meeting that the process of selecting a preferred investor involves extensive due diligence processes with multiple parties with a view to delivering the best value for money solution for HBRIC Ltd.

HBRIC Ltd Chief Executive Andrew Newman says the plan is to enter into a memorandum of understanding with a preferred investor soon to enable it to complete final due diligence alongside HBRIC, Crown Irrigation Investments and banks. He says this will enable HBRC to commence its review by Deloitte.

Water Uptake
HBRIC Ltd continues to have just over 42 million cubic metres of water either contracted or close to it. The water uptake work stream is on hold until there is more certainty around the investor mix.

DOC Land Exchange Judicial Review
Forest & Bird’s judicial review of the Department of Conservation land exchange has been rejected by the High Court. Forest & Bird argued 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. While High Court Judge Justice Palmer said he agreed with some of Forest & Bird’s submission, he rejected all of their challenges to the land exchange decision.

Design & Construction
Geotechnical work at the site of the scheme’s proposed reservoir is showing good results for design of the diversion tunnel.

6 April 2016

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