Ngai Tahu announced on Monday it is pulling out as a major investor in Hawkes Bay's controversial $600 million Ruataniwha water storage scheme
Ngai Tahu was a piggy back investor, relying on the expertise of Trustpower to guide its investment.
Trustpower walked away from the scheme in March because it wasn't happy with the returns it might have received. That unnerved Ngai Tahu, and prompted it to raise questions about its involvement.
In a statement on Monday afternoon, the tribe said it had ended an agreement regarding the water project with the Hawke's Bay Regional Investment Company.
It said it had a series of criteria that needed to be met if it was to continue with its investment, including the identification of an appropriately qualified investment partner.
Ngai Tahu has decided to walk away from the venture because the Council hasn't found any investor to replace Trustpower.
