$17m council loan finalised

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A term loan agreement has been formalised by the North Otago Irrigation Company (NOIC) and Waitaki District Council, which will partially fund the company’s stage two expansion plans.

The terms of the $17 million loan were approved by council in September 2014, while NOIC agreed to those terms a short time later.

The $57.3 million, 10,000ha expansion involves adding a fourth pump station at pump station one, two more pumps at pump station two, expansion of the head pond and installing a large-diameter pipeline spine and fittings from the head pond to the Kakanui Valley area.

By Daniel Birchfield

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