15 April 2016

Steady progress on Water Uptake for Ruataniwha Scheme

Hawke’s Bay Regional Investment Company Ltd says it is making steady progress towards its water uptake target for the Ruataniwha Water Storage Scheme.

Farmers have until Monday 18 April to sign up as foundation water users of the irrigation scheme and receive early adopter discounts. Whether the scheme goes ahead is dependent on whether HBRIC Ltd can contract 45 million cubic metres of water before financial close.

HBRIC Ltd Chief Executive Andrew Newman says while Monday is the deadline for farmers to sign up as Foundation Water Users, the investment company will not be releasing any water uptake figures until it has reported back to its shareholder, the Hawke’s Bay Regional Council and potential investors, which is expected to take a couple of weeks.

“We have an obligation to ensure our shareholders and potential investors are fully informed before we release any information publically,” says Mr Newman.

ends

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