Sharechat Logo

Central Plains, Kurow, Waimea water schemes keep Crown construction funding

Thursday 5th April 2018

Text too small?

The government will help fund the construction of irrigation projects on the Canterbury plains and near Kurow and Nelson as it winds back support for large-scale water schemes. 

 

Finance Minister Grant Robertson today said all existing Crown Irrigation Investments Ltd development contracts will be honoured, and that the three named schemes will receive funding for their construction phase given how far down the track they were. The government put its water storage funding contracts under the microscope after campaigning on a platform to end government support for large irrigation schemes. 

 

"I recognise that this decision will be disappointing for proponents of projects that won’t be considered or progressed," Robertson said in a statement. "It is important to remember that schemes may be able to continue, but the government believes that public subsidies for large-scale private irrigation can instead be better directed to other areas of need." 

 

Crown Irrigation provided a $65 million loan to fund construction of the $200 million Central Plains Water Stage 2 project, committed up to $35 million to the $70 million Waimea dam build, and has signed a construction funding term sheet for the Kurow Duntroon scheme. 

 

Robertson said the funding for the three projects can be met through existing appropriations provided the Waimea and Kurow projects raise enough private money within their allowed timeframes. 

 

Small-scale, locally-run and environmentally sustainable storage schemes could be considered for funding on an individual basis via the Provincial Growth Fund, he said. 

 

Primary Industries Minister Damien O'Connor said large-scale irrigation schemes need to be environmentally sustainable and economically viable to support a focus on greater values rather than bigger volumes. 

 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report