30 Aug 2014

Ruataniwha Dam funding boost

9:47 am on 30 August 2014

Hawke's Bay Regional Council has advanced $3.1 million to the company managing the resource-consent phase of the Ruataniwha Dam project.

The Hawke's Bay Regional Investment Company is a council-controlled organisation set up to manage large infrastructure projects.

At a public-excluded meeting on Wednesday the council voted to advance the money to the company to cover the period until financial closure on the Ruataniwha Water Storage Scheme.

Of the total development costs the company has incurred so far $1.93 million was for the Board of Inquiry process.

The council resolved in June to invest up to $80 million in the project.