Bell Gully has advised newly established water organisations Waikato Waters and Selwyn Water on their separate transactions that will allow the council-controlled water organisations to access funding through the New Zealand Local Government Funding Agency (LGFA).
Waikato Waters was the first water services council-controlled organisation (CCO) to join the LGFA borrowing arrangements. The LGFA provides financing for local government entities on terms more favourable than local authorities and CCOs may be able to access directly.
Waikato Waters is a joint CCO owned by the Hauraki, Ōtorohanga, Matamata‑Piako, South Waikato, Waipā and Waitomo district councils and is one of a number of new water CCOs being set up to deliver water services under the Government’s Local Water Done Well reform. The accession of Waikato Waters is a key milestone in this reform programme and sets a path for other water services organisations to follow suit. Up to 18 water CCOs are expected to join LGFA by 1 July 2027.
Partner Zac Kedgley-Foot led the team advising on the transaction, supported by a team comprising Hamish Robinson and Willa Aitken.
“We’re pleased to be part of a project that will help to provide access to cost-effective funding for delivery of critical water infrastructure in the future,” said Kedgley-Foot. Waikato Waters is forecast to borrow around NZ$300 million in new debt by 2034, based on its water service delivery plan, which will support a water and wastewater infrastructure investment programme valued at around NZ$800 million.
Bell Gully also advised Selwyn Water on joining the LGFA programme, with Kedgley-Foot also leading a team including Hamish Robinson and Willa Aitken on this.
Selwyn Water was the first water organisation to be established under the Local Water Done Well reform. The wider Bell Gully team including partners Rachael Brown, Amon Nunns and Toni Forrest, senior associate Dr Laura Hardcastle and lawyers Sydney Blyde, Olivia Overfield, are proud to have advised Selwyn Water on all aspects of its establishment and on the transfer of water services from Selwyn District Council.
The Bell Gully team is also assisting a number of other Councils and water organisations on the transformational Local Water Done Well reforms.
For further details on Waikato Waters see here and Selwyn Water here.
Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
