Waimea Irrigators Limited (WIL) was established in 2016 as the entity to manage rights to access dam water.
Waimea Irrigators Limited is a significant partner in the development of the Waimea Community Dam which is to be owned and operated by Waimea Water Limited. Waimea Water Limited is to be formed as a council controlled organisation, with both Waimea Irrigators Limited and Tasman District Council as shareholders. Waimea Irrigators Limited's contribution to the construction costs of the Waimea Community Dam is likely to be around $38.6 million. Part of this money will come from direct investor equity (i.e. water users purchasing Water Shares) and up to $25 million will come from a loan from Crown Irrigation Investments Limited, which will go straight to Waimea Water Limited.
Water users who purchase Water Shares in Waimea Irrigators Limited are providing equity funding for Waimea Irrigators Limited to fund its interest in Waimea Water Limited. The key benefits for water users who hold Water Shares in Waimea Irrigators Limited are as follows.
On entering into a Shareholder Water Augmentation Agreement with Waimea Irrigators Limited, the water user will be able to apply to Tasman District Council to affiliate their existing water permit under the Tasman Resource Management Plan; an affiliated permit will greatly improve the reliability of water available from existing groundwater sources;
On holding an affiliated permit, the water user will be able to expect a secure supply of water for irrigation and other purposes except in periods of extreme drought.
The Waimea Community Dam will be a community asset providing water for irrigators, an expanding urban population and improvement in the Waimea River environment.
More information on the Waimea Community Dam is available at www.waimeawater.nz.
- Raise equity from water users to help construct the dam
- Raise a loan from Crown Irrigation Investments Limited or a commercial bank to help construct, maintain and operate the dam
- Enter into a 'wholesale' water augmentation agreement with Waimea Water (the proposed joint venture company between TDC and WIL), which will enable us to augment water to our shareholders through the release of dam water into the river and groundwater system
- Enter into a water augmentation agreement with each WIL shareholder.
Our three fundamental tenets are that:
- Waimea Irrigators Limited shareholders will get exclusive and permanent rights to the water they subscribe for (so long as the terms and conditions of the water augmentation agreement are met)
- The dam will operate on a financial breakeven basis and is not intended to pay dividends
- Getting the dam built is important for all parties and the cost of alternatives would be unacceptable.