Project finance

Bell Gully’s Project Finance team is a market leader in structuring and delivering social and economic infrastructure projects.

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​​​​​​​The New Zealand project finance market is heavily focus​ed on private public partnerships (PPPs), with five of these transactions having closed since 2012. Our team has advised the New Zealand Government on each of these, and has unparalleled knowledge of both the procurement model and the issues of importance to the various categories of market participants including debt, equity and sub-contractors.

Project finance requires anticipating and understanding the issues and complexities that may arise during the course of a project and finding pragmatic solutions to them. We have a reputation for advising on the largest and most complex transactions to have occurred in New Zealand in recent times. ​

New Zealand public private partnership (PPP) projects
Assisted the Treasury on the development of the PPP model for the New Zealand market, and advised the Government including the Department of Corrections, the Ministry of Education and the NZ Transport Agency on each of the PPP transactions to reach financial close to date.

The projects are:

  • Ministry of Education – Hobsonville Schools PPP and PPP 2, which involves four schools throughout New Zealand,

  • Department of Corrections – PPP at Wiri project (Auckland South Corrections Facility) and Auckland Prison PPP. The PPP at Wiri project won the 2013 Infrastructure Journal Social Infrastructure Deal of the Year, and

  • NZ Transport Agency – Transmission Gully Motorway project, in Wellington. The Transmission Gully PPP won the 2014 Project Finance International Asia Pacific PPP Deal of the Year.

​Britomart precinct redevelopment
Advised Cooper and Company on its redevelopment of the Britomart precinct and lease of space to major commercial and retail tenants. This highly complex redevelopment is the largest historic restoration project to be undertaken in New Zealand and includes the development of major new buildings on Auckland's waterfront. Our project finance work involved acting for the developers on all aspects of the financing of the transaction, including complex intercreditor arrangements.

Central North Island geothermal projects​​
Advised Tauhara North No.2 Trust as the owner of the Rotokawa geothermal field and development right holder of the Nga Tamariki geothermal field in the Central North Island in the commercialisation of these fields, including the joint venture for the construction of the 140MW Nga Awa Purua geothermal power station. Nga Awa Purua is the largest geothermal power station built in the world in the past decade and features the world's largest single-shaft geothermal turbine. The development is regarded as a model project for Maori land owners of geothermal resources and aims to develop the resource while protecting the Trust's guardianship of the land and resource. It was named Project of the Year at the prestigious 2010 Deloitte Energy Excellence Awards. Bell Gully acts for Tauhara North No.2 Trust on all aspects of the financing of these projects.

ANZ National bank project financing for Synlait
Advised ANZ National Bank on the limited recourse funding for construction of a milk processing plant by Synlait.

​Ruataniwha dam project
Advising Hawke's Bay Regional Investment Company on the Ruataniwha high dam and irrigation project – New Zealand’s biggest freshwater project for a number of years.​​

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  • David McPherson

    Partner Auckland
  • Murray King

    Partner Auckland
  • Hugh Kettle

    Partner Wellington
  • Rachel Paris

    Partner Auckland