News

Mar 10, 2015

CPW reaches out everywhere for more public funding


CPW has hands out again for more $Millions from tax and ratepayers- as farmers, invesors and banks fail to show enough financial confidence in their personal shareholder dairy conversion scheme

 

'Chairman’s Report by Doug Catherwood' summer 2015 CPW newsletter (PDF)

Irrigation Acceleration Fund (IAF)

We have submitted an application to MPI for the Irrigation Acceleration Fund (IAF) for grant of $3M for Stage 2+ of the scheme. Feedback to date has been positive and we expect confirmation of the Stage 2+ grant by the end of March. We have also prepared an application for the same fund for the Sheffield project but this is yet to be lodged.

We also expect to apply for further IAF grants for additional Stage 2+ design for investment ready expenditure.

Crown Irrigation (CIIL) and Bank Support Meetings with CIIL and our banks (ANZ/WESTPAC) have been very positive with a commitment to advance the remainder of the scheme. Meetings are proceeding with all funding parties to develop a package that enables continuity of construction and design between Stages 1, 2+ and Sheffield. (press article Crown may commit millions more to Canterbury irrigation scheme also NBR article Crown Irrigation considers further irrigation investments )

Selwyn District Council Loan CPWL included a submission in the Selwyn District Council’s Long Term Community Plan (LTCP) last year for a short term loan of $8M to fund the pre-construction work for Stage 2+ and Sheffield scheme. This loan will contribute to the required 1:1 matching fund for the IAF grant. Council deliberations over this proposal will take place in March/April.