Waimea Water Ltd is fully funded by its shareholders, Tasman District Council (TDC) and Waimea Irrigators Ltd (WIL) to the project budget of $104.4 million. This partnership approach to funding the construction of the dam has made this critical piece of infrastructure affordable for all the funding partners and their beneficiaries.
WIL funding is sourced from WIL equity contributions and a Crown Irrigation Investments Ltd (CIIL) loan that converts to WIL equity as the loan is repaid with water usage by WIL.
The TDC equity contributions are sourced from TDC, TDC loans from CIIL and grants from the Ministry for the Environment and Nelson City Council. TDC will also advance a Council Controlled Organisation loan to the project. Interest is expected to be earned from term deposits.
Spend to 30 June 2019 is $19.2 million, of which $6.3 million was expended prior to the investment decision on early commitments made that include land acquisition, design, procurement, early contractor involvement, consenting, project office and governance. Expenditure is in line with the project budget.