Ngai Tahu out of Ruataniwha dam

MARTA STEEMAN
Last updated 17:27 19/05/2014

Relevant offers

Industries

Opening day deals for shoppers at new David Jones store in Wellington ANZ Bank wins in Australian High Court bank fee case First look at David Jones department store in Wellington Valleygirl and Temt administrators search for supplier solutions Check out the world first 'un-meltable' ice cream Ryman Healthcare responds to staff pay gripes and increases directors fees Underwater glass lift proposed for Napier's National Aquarium After 15 years the wait is over for new Countdown Waiheke Tesla driver speeding in fatal Autopilot crash Mortgage lending hits record levels as national house prices soar

Ngai Tahu Holdings Corporation has withdrawn as an investor in the controversial $275 million Ruataniwha water storage scheme in Hawke's Bay.

Ngai Tahu said it had a series of criteria that needed to be met for continued investment, including the right investment partner with the appropriate experience.

Electricity firm TrustPower, which has a lot of experience with dam storage and irrigation, withdrew from the investment in March. It said the project did not stack up with the level of returns the company required from new investments.

Ngai Tahu said because a replacement investor to TrustPower had not been found, Ngai Tahu had ended its memorandum of understanding with the Hawke's Bay Regional Investment Company (HBRIC).

Both Ngai Tahu and TrustPower had been considering $50m investments.

The Hawke's Bay Regional Council last month asked for more time to consider the board of inquiry's 1000-page draft decision on the massive scheme.

The council said then the draft resource consents would cost about $50m in lost GDP between now and 2050.

At the end of April the regional council voted to shift the deadline for a decision on the dam project to September 30, three months later than initially planned.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content