HBRIC Ltd Update
HBRIC Ltd Update
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
construction of the diversion tunnel.
ends