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CPWL is a limited liability company operating under a co-operative philosophy. Farmer shareholders own
shares based on their water requirements.
CPWL is a limited liability company operating under a co-operative philosophy. Farmer
shareholders own shares based on their water requirements.
There are two classes of shares.
Gives rights to pro-rata volume of the Scheme consents.
Provides pressurised water to the farm gate at a given flow rate.
Based on the most recent estimates the fair value of the Scheme infrastructure is closer to
$446M million resulting in a $42 million increase in value over the
historical cost value on the balance sheet. The value of the scheme is further increased by $65
million with the estimated replacement value of the existing consents and construction.
Additional Capacity and Future Share Sales
The Scheme has a maximum consented capacity of 63,000 hectares, the
Company is currently irrigating approximately 45,000 hectares. The
balance of capacity has been split throughout the Scheme area to allow for future additions and
expansion. The infrastructure has also been built to enable additional expansion beyond the
current infrastructure if the need arises.
Further opportunity exists to add hydro, storage, and solar power generation if viable.
Equity and Debt Funding
The scheme evolved in four stages:
The company was incorporated in 2003 and began preliminary design and consenting at that
time. This was funded by an $8 million equity raise and loans from key stakeholders.
In 2013, the Stage 1 share offer raised $38 million in equity and $140 million in debt via a
Syndicated Facility to fund the first stage of detailed design and construction and repay
In May 2016, the Stage 2 share offer raised $34 million in equity and $160 million in debt
($101 million via Syndicated Facility and $59 million from Crown Irrigation Investments
Limited) to fund the detailed design and construction of the second stage.
The final share offer for the Sheffield scheme in September 2016 raised $12 million in
equity and $33 million in debt from the Syndicated Facility completing the scheme.
In total the Company generated $92 million in equity and raised $270 million in debt via a
Syndicated Facility with ANZ and Westpac banks and later with the addition of China Construction
Crown Irrigation Investments Limited provided $6 million to assist with the construction of Stage
1 and increased this to $59 million by the end of Stage 2 to enable surplus capacity to be built
into the Scheme to allow future share sales and expansion.
The scheme is now funded by a syndicate of banks and the Accident Compensation Corporation (ACC)
who have replaced Crown Irrigation Investment Limited as a long term funder.
Operational Funding - Water Use Charges
The scheme is funded by the recovery of costs via take or pay Water Use Charges.
The charges are controlled via the Water Use Agreements signed during the share sale process with
security held over the shares and water delivery.
On a take or pay basis (payable regardless of
whether water is taken or available)