$6.5m loan for South Island irrigation scheme

Last updated 12:35 15/07/2014
Central Plains Water scheme


Related Links

Work to start on Central Plains Water scheme Farmers back Central Plains irrigation scheme

Relevant offers


Beef cattle quality advances to push competition up Wool market comes off slide Manawatu-Rangitikei milk production down Alliance questioned on processing delays Marlborough plougher lifts his performance at world events New Zealand's 'moon shot' to develop a national food story Mature Blue Sky Meats directors withdraw because of their age New agribusiness subject to attract top students into farming NZ farmers need to carry the can for their greenhouse gases - Environment Commissioner On-farm nursery a solution to low-cost environmental enhancement

Government agency Crown Irrigation Investments confirmed today it would lend Central Plains Water $6.5 million to develop stage one of the irrigation scheme.

Under an agreement with the Canterbury company, the Crown will provide $6.5m of subordinated debt for up to five years. The loan will assist the construction of excess capacity in the headrace to be built as part of stage one.

The transaction has been subject to due diligence by Crown Irrigation, which announced the draft terms of the loan to CPW in April. Stage one of the scheme will irrigate about 20,000 hectares.

The Crown's investment will help expand the scheme to 60,000ha.

The scheme has been touted as the largest irrigation construction project in the South Island.

The Rakaia to Waimakariri river canal scheme will eventually run 56 kilometres, but initially stage one will run from the Rakaia for about 17km.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content