The Big Picture: Infrastructure

Changing tides and new opportunities

Introduction

Aperiod of rapid change has opened a window of opportunity for infrastructure projects.

With a fresh surge of announcements before Christmas, a number of new tools and mechanisms to attract private investment in infrastructure in New Zealand are now in place, or at least taking shape. Roles have changed or been clarified, new agencies established, and a ‘one-stop shop’ approach announced to encourage foreign investment. In short, the regulatory landscape for infrastructure has been substantially redrawn.

Key Government decisions have now been made, and the Minister for Infrastructure is now also the Minister of Transport, consolidating and focusing delivery of the Government's infrastructure agenda. We are starting to see the emergence of a more bipartisan approach to infrastructure, as demonstrated in the new policy framework on public-private partnerships released in late 2024, a positive step forwards in addressing New Zealand's infrastructure challenges.

All this leaves industry participants in the infrastructure sector in the driving seat. In The Big Picture Infrastructure: Changing tides and new opportunities, we take a closer look at the key regulatory agencies, what they do, the tools available and where opportunities now lie for the sector to seize in order to deliver much needed infrastructure.

Whether using PPPs, market-led proposals or strategic leasing, the time to push forward with infrastructure projects is now.

The new regulatory landscape

FOUR CENTRAL AGENCIES AND ENTITIES DRIVE THE INFRASTRUCTURE SECTOR IN NEW ZEALAND1

The Treasury

Responsible for:

• Providing advice to the Minister for Infrastructure and Minister of Finance on infrastructure issues, primarily:

□ Performance of the stock of physical assets underpinning the economy.

□ Quality investment in, and management of, key infrastructure.

• Leading advice on funding and financing of infrastructure, including PPP policy.

• Monitoring the performance of the other three infrastructure agencies.

New Zealand Infrastructure Commission – Te Waihanga

Responsible for:

• Providing independent strategic policy advice to the Government on infrastructure issues.

• Prioritising long-term infrastructure planning, including developing a National Infrastructure Plan.

• Managing the Infrastructure Pipeline.

Crown Infrastructure Delivery Ltd (CID)

– Rau Paenga

Responsible for:

• Delivering, or supporting the delivery of, Crown infrastructure projects on behalf of agencies and entities.

The CID Mandate Principles require departments to partner with CID on projects where the department has low infrastructure delivery capability.2

Crown Infrastructure Delivery Ltd (CID) –Rau Paenga

NIFF 3

Responsible for:

• Undertaking Crown Infrastructure Partners' existing functions and responsibilities as at 1 December 2024.

• Partnering with agencies on projects involving private financing.

• Acting as the Crown’s “shopfront” to facilitate private sector investment in infrastructure, including receiving and evaluating unsolicited infrastructure proposals for the Crown.

• Connecting overseas investors and lenders into the NZ infrastructure pipeline. Treasury has mandated agencies to partner with NIFF on infrastructure that may involve private financing through alternate procurement models.4

Who is NIFF?

National Infrastructure Funding and Financing Ltd (NIFF) is the new national infrastructure agency in New Zealand, established 1 December 2024.

How did NIFF come about?

Through the Government repurposing Crown Infrastructure Partners (a Crown financing and advisory company).

Why was NIFF established? To respond to New Zealand infrastructure system challenges, such as the significant commercial and financial expertise gap in using private financing to deliver infrastructure, and role ambiguity between Crown infrastructure agencies.

• A dedicated agency to promote foreign direct investment in New Zealand, announced 23 January 2025.

• Intended as a “one-stop-shop” for overseas investment, it will offer tailored support to foreign investors.

• Invest NZ will focus on: high-potential sectors; streamlining processes to increase capital to invest in new and existing projects, including infrastructure; boosting R&D; and attracting skilled professionals.

NIFF

New Zealand Infrastructure Commission –Te Waihanga

The Treasury

The new framework for funding and financing

The Government’s introduction of the “Funding and Financing Framework”5 (the Framework) on 2 December 2024 is a key step towards addressing NZ’s infrastructure deficit.

Despite New Zealand’s high public infrastructure spending, the country has historically faced poor investment outcomes, partly due to low population density. We need to think outside the box when using the limited resources at our disposal to build the assets we so desperately need.

Stage 1

APPLY PRINCIPLE 1

Exploring other options before using Crown funding

The Framework has two objectives; to broaden opportunities for funding and to encourage more disciplined spending. It sets out a three-stage process for decisions on Crown investment:

1. Assess the project’s standalone funding potential.

2. Develop the optimal solution for any funding and/or financing gap.

3. Consider long-term implications and financial risks.

Stage 2

A range of principles also guide how decision-makers can implement the Framework’s objectives effectively.

The Framework demonstrates the Government’s intent to explore private sector partnerships, which investors looking into the NZ market are likely to welcome.

APPLY PRINCIPLES 2 AND 3

Limit wasteful spending and recycling Crown capital

Stage 3

APPLY PRINCIPLE 4

Simple financing arrangements

The Crown should explore other investment sources before reaching into its own pocket. Funding can come from user- and beneficiary-pays funding models, private capital or external financing on “efficient” terms.

To limit wasteful spending, we should invest funding in “optimal form”. When required for a project, Crown capital should be the minimum needed to fill any funding gap. It should match the risk profile and the funding structure of the relevant project.

Where possible, we should recycle Crown capital. It makes sense to prioritise projects where we can use existing assets, instead of starting from scratch. Asset recycling can include the deployment of ownership models that give private investors a partial share of existing infrastructure. In return, these investors can provide funding for new projects.

Financing structures should be as simple as possible. Avoiding complex or bespoke financing arrangements makes risk management easier.

A blueprint for future PPP transactions

APPP is a long-term contract for the delivery of services requiring a new asset, or enhancement of an existing asset. The Crown retains full legal ownership of the asset, which is financed from external sources on a non-recourse basis. New Zealand has had eight PPPs to date.

In response to feedback and commercial challenges with past PPPs, the Government has published The New Zealand PPP Framework: A Blueprint for Future Transactions,6 which sets out enhancements to the NZ PPP framework to contribute to making future PPP transactions as successful as possible for all parties. Significantly, the foreword includes a contribution from the Hon Barbara Edmonds, Labour Party spokesperson for Infrastructure, showing that the pleas from the sector for a bi-partisan approach to solving New Zealand's infrastructure deficit are starting to have a meaningful impact. The proposed enhancements to the PPP framework fall into three key categories:

CATEGORY 1

Policy updates: changes to the policy settings, frameworks and nature of the consideration of PPP procurement.

SPOTLIGHT UPDATE

The role of project finance and Crown borrowing, and Crown capital contributions: Previously, PPPs in New Zealand were fully project financed. Now the Government will consider how and when it might contribute capital to PPPs. Crown capital contributions will be made on a project-specific basis.

See framework for other policy updates:

• Availability and economic PPPs.

• Delivery of public services.

• Determining whether a PPP offers “value for money”.

CATEGORY 2

Model and contract suite updates: intended changes to the PPP model and Standard Form PPP Project Agreement.

SPOTLIGHT UPDATE

The role of Special Purpose Vehicles and equity: The role of the SPV and the risks that it manages directly should be distinguished from the risks that its debt and equity financiers are taking on as investors. Investment returns should be exposed to project performance, rather than being entirely insulated by the downstream risk allocation.

UPDATE

Optimal risk allocation and targeted risk sharing: Where certain risks genuinely cannot be efficiently priced within the bidding process, a solution should be developed to share or cap the private sector partner's exposure to that risk at an appropriate level.

See framework for other model and contract updates:

• Incentivising and allowing innovation

• Design development.

• Performance regime v evaluation incentives.

• Consequences of construction delay and risk allocation for late delivery.

• Completion regime.

• Major expansions and augmentations.

• Dispute resolution procedures.

• Extension and compensation events.

CATEGORY 3

Process updates: the process used by procuring agencies when undertaking PPP procurement.

UPDATE

Bid cost reimbursement: bid cost reimbursement of a material amount of verifiable third party costs, to a maximum pre-determined cap, is one of the primary options being considered to mitigate the cost of bidding for PPP projects.

See framework for other process updates:

• Affordability threshold validation.

• Greater collaboration through progressive procurement.

• Client resourcing and preparation.

• Interactive tender process.

New Zealand PPP Framework: A Blueprint for Future Transactions READ HERE

SPOTLIGHT

New guidelines for market-led proposals

Unlike other jurisdictions, New Zealand has not yet experienced a successful marketled proposal.7 The Government’s new guidelines for market-led proposals provide a framework to change that, signifying an embrace of private sector ideas in resolving New Zealand’s infrastructure deficit.

A market-led method is where a private sector participant, referred to as the “proponent” in the guidelines, submits a proposal directly to the Government, where the Government has not requested the proposal. This differs from the predominantly used method, government-led procurement, which is based on competition through tendering.8

The new market-led proposal guidelines are aimed at both potential proponents and the Government, covering the three guiding principles, governance arrangements and the five-stage process to be used when developing market-led proposals.

The point of contact for market-led proposal submissions is NIFF.

PRINCIPLES USED AS ASSESSMENT CRITERIA FOR PROPOSALS 1 2 3

Public interest Exclusivity

Proposals must be broadly consistent with Government objectives and outcomes in the best interest of the Crown. The guidelines outline questions that may be considered, such as: “Is the proposal aligned with the National Infrastructure Plan?”

To justify exclusive negotiation with the Government, the proponent must show that they are the only party that can deliver the outcome of the proposal. The guidelines outline characteristics that such proposals might have and include an appendix for testing exclusivity.

Value for money

The proposal must offer value to taxpayers, which is assessed through quantitative and qualitative factors. The guidelines cover questions that may be considered, such as: “Does the proposal provide financial benefits/ savings that will not otherwise be achieved?”

New guidelines for market-led proposals

STAGE 0

Mandatory pre-submission review

STAGE 1 A

Initial submission and preliminary assessment

Indicative Stage 1 criteria (public interest, exclusivity, value for money)

f Public interest f Exclusivity

STAGE 1 B

Strategic assessment of initial assessment

STAGE 2

Detailed proposal

f Criteria from Stage 1a; and f Value for money (qualitative)

□ Scope and budget

□ Risk allocation

□ Capability and capacity

f Criteria from previous stages; and

f Value for money (quantitative)

□ Economic assessment and benefit-cost ratio

□ Affordability

Proponent’s decision to continue to Stage 1

GOVERNMENT RESPONSE TIME

□ Return on investment 1 month

MLP Steering Committee approval required to progress to Stage 1b

STAGE 3

Negotiation of final binding offer

Criteria from previous stages

CONTRACT AWARD: EXECUTE ALL PROJECT DOCUMENTS

Cabinet approval required to progress to Stage 2

Cabinet approval required to progress to Stage 3

Indicatively, 3-6 months Agreed between proponent and Government

Cabinet approval required to accept binding offer

New strategic leasing guidance

Forming another part of the Government’s infrastructure funding and financing work programme is the Strategic Leasing Guidance (the guidance). The Government issued the guidance to government agencies in December 2024 to help them consider whether the leasing of assets is appropriate for the delivery of public services where, strategically, the private sector may be better placed to own and maintain the relevant infrastructure. It also sets out best practice technical and commercial considerations the Treasury expects public sector entities to evaluate and incorporate into their strategic leasing arrangements.

Essentially, strategic leasing is like any other leasing where the government would take a lease from an asset owner in exchange for regular lease payments, but, as the Infrastructure Parliamentary Under-Secretary Simon Court has noted, strategic leasing will be best used in one or more of the following particular circumstances:9

Service needs are likely to be short-term or vary unpredictably

there is little reason for the government to own an asset it no longer needs.

Assets are less complex and less specialised

more complex and specialised assets correlate with lower versatility, lower alternative demand, and a greater need for asset and service design integration, client control, and/or innovation, all of which make other models more suitable.

STRATEGIC LEASING

Similar assets are used by the private sector

it is unlikely that private participants will want to own an asset for which there is no demand beyond a time-bound government lease.

Public service delivery by the private sector is not required

if the private delivery of core public services is required, then more sophisticated contracting models such as PPP are likely to be more appropriate.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

New strategic leasing guidance

When strategic leasing may be appropriate?

Agencies are guided to consider a greater use of leasing for relatively less complex assets which are required over the medium-to longterm. As examples, strategic leasing could be used over a medium-term for:

LANDSCAPE OF PROCUREMENT APPROACHES THAT UTILISE PRIVATE FINANCING 10

Co-location of community health hubs with the private sector

Transitions to exiting from, or downsizing of, services

or in the long-term for:

Office accommodation and public interface areas guidance published by the Functional Lead for Property

OFFICE ACCOMODATION AND PUBLIC INTERFACE AREAS

The guidance recognises that strategic leasing will not be suitable for all infrastructure assets, such as office accommodation, public interface areas and equipment. The guidance is clear that strategic leasing “should only be used where it offers value for money over the contract life relative

Strategic leasing:

1. Shorter-term/surge policy requirements

2. Market assets regularly developed and utilised by the private sector

3. Low degree of asset and service delivery integration required

4. Public service delivery by private sector not required

Long-term requirement of market assets

HOUSING, EDUCATION FACILITIES, RESEARCH FACILITIES, HEALTHCARE HUBS

MORE COMPLEXITY/MORE GOVERNMENT-SPECIFIC

to traditional procurement methods, and in some cases, other alternative procurement methods”.11 The above diagram shows where the Government considers strategic leasing is best used in the infrastructure private financing ecosystem.

NZ PPP:

1. Long-term requirement

– ultimate public sector ownership

2. High complexity and large scale

3. Government specific asset

4. High degree of asset and service delivery integration

HOSPITALS, PRISONS, TRANSPORT INFRASTRUCTURE

The guidance is yet another tool in the Government’s tool belt of infrastructure-focused procurement approaches that encourage private sector strategic leasing partnerships for the delivery and provision of infrastructure.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

Resource management – new time frames

The Resource Management (Consenting and Other System Changes) Amendment Bill (the bill) was introduced to Parliament on 9 December 2024. The key amendments in the bill impacting infrastructure relate to decision-making timeframes, consent periods, lapse periods, and status for port operators:

• Generally, one year decision-making on resource consents for Specified Energy Activities which includes electricity generation from solar, wind, geothermal, hydro, or biomass source and the transmission and distribution of electricity.

• Standard default 35-year consent period for Specified Energy Activities and Long-lived Infrastructure such as structures for transport on land by cycleways, rail, roads, walkways unless exceptions apply.

• Extended lapse periods for renewable energy consents and designations from five to 10 years.

PORTS

SPECIFIED ENERGY ACTIVITY

Establishment, operation or maintenance of an activity that produces energy from these sources:

ELECTRICITY

TRANSMISSION AND DISTRIBUTION

BIOMASS

or the establishment, operation or maintenance of the transmission and distribution of electricity.

LONG-LIVED INFRASTRUCTURE

A list of prescribed long-lived infrastructure and a new regulationmaking power for the Minister for the Environment to add to the list.

TELECOMMUNICATION NETWORK

GEOTHERMAL

Certain existing coastal permits for ports are extended by 20 years. However, the bill includes a mandatory review process, which is limited in scope with restricted appeal rights.

Requiring authority status for ports with landward operations.

ELECTRICITY

GENERATION FACILITIES, LINES AND SUPPORT STRUCTURES

STRUCTURES FOR LAND TRANSPORT

FACILITIES FOR UN/LOADING CARGO OR PASSENGERS TRANSPORTED ON LAND

REGULATIONS LIST

Persons who operate inland ports or landward operations of a seaward port operated under the Port Companies Act 1988 are network utility operators.

HYDRO

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

What to watch

NATIONAL INFRASTRUCTURE PLAN

REGIONAL DEALS

Infrastructure Minister Chris Bishop has provided updates on New Zealand’s 30-year National Infrastructure Plan. Managed by the Infrastructure Commission, the plan will address the country's infrastructure needs over the next three decades. It will focus on planned investments, providing recommendations on priority projects and outlining any necessary reforms in policy. The plan will encourage the better use of existing assets and ensure that new projects provide value for money. It will emphasise collaboration between central and local governments, communities and the private sector.

The Government aims to finalise the plan in December 2025. Bishop encourages bipartisan buy-in and suggests that Parliament’s Business Committee hold an annual debate on the plan over the 30-year period to maintain its stability.

Regional Deals is the Government’s initiative for establishing long-term commitments between central and local government, with the priority objectives of building economic growth, delivering connected and resilient infrastructure and improving the supply of affordable and quality housing across Aotearoa.

There will be opportunities for the private sector and Māori and Iwi organisations to participate. Regional Deals will provide a co-ordinated approach to unlocking a range of funding and financing tools (existing and new) and providing regulatory relief, and will be supported by central and local government coordination.

Based on a joint 30-year vision for a region, with negotiated 10-year strategic plans to deliver shared objectives and outcomes, Regional Deals will focus on economic growth and productivity for the relevant regions. The Government intends to finalise the first Regional Deal by December 2025.

FAST-TRACK APPROVALS ACT

The Fast-track Approvals Act (the Act) came into force on 24 December 2024, providing projects of national and regional significance with an alternative to the processes usually required under the Resource Management Act 1991 and other legislation.

Schedule 2 of the Act lists 149 projects that the Government has accepted for fast-track approval, enabling the projects to make substantive consent applications directly to the Environmental Protection Authority without referral from the Minister for Infrastructure.

Other projects of national or regional significance can apply to be referred for fast-track approval using the process and eligibility criteria under Part 2 of the Act. The Ministry for the Environment will undertake a completeness and eligibility check before providing the complete application to the Minister for Infrastructure. If the Minister decides the project is eligible for referral, the applicant can lodge a substantive application.

The application process for referral under the Act, the new fast-track website and guidance from advisors will be available from 7 February 2025.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

What to watch

LOCAL WATER DONE WELL

The Government is well underway with implementing Local Water Done Well – its plan to address New Zealand’s long-standing water infrastructure challenges. At its core, Local Water Done Well is intended to deliver better, financially sustainable, and affordable drinking water, wastewater and stormwater services while retaining local control of water assets.

The Government is implementing Local Water Done Well through a number of legislative phases. The first was put in place in February 2024 to repeal the prior Government’s “Three Waters Reform” programme. The Local Government (Water Services Preliminary Arrangements) Act 2024 was enacted in September 2024, establishing the overall framework and the preliminary arrangements for the new water services system. This includes a requirement for councils to develop Water Services Delivery Plans by 3 September 2025 setting out, among other things, an assessment of their water infrastructure and how councils plan to finance and deliver the services.

The Local Government (Water Services) Bill is the final central piece of legislation and is currently before parliament. It is expected to come into force in mid-2025. The Bill establishes enduring settings for the new water services system and sets out key details relating to the economic regulation and consumer protection regime for water services, and changes to the water quality regulatory framework.

OIL AND GAS DEVELOPMENTS

TOLLING UPDATES

The Crown Minerals Amendment Bill will make changes to the Crown Minerals Act 1991 and reverse the 2018 ban on oil and gas exploration outside onshore Taranaki. The amendment bill’s proposed changes include:

• Amending the purpose of the Crown Minerals Act 1991 from “manage” to “promote” prospecting for, exploration for, and mining of Crown owned minerals for the benefit of New Zealand.

• Introducing a new Tier 3 mineral permit.

• Limiting trailing liability to the party who most recently transferred their interest.

• Addressing liability for issues after decommissioning.

• Making the financial securities used to manage decommissioning risks more flexible.

• Allowing methods, outside of competitive tender processes, for allocating permits.

• Extending the 15-year data confidentiality period for existing prospecting datasets.

Though the Government intended to pass the amendment bill during 2024, it has not yet been enacted and is expected to undergo further development before being enacted.

On 13 December 2024, the Government announced it has agreed to changes to road tolling policies, including:11

• Enabling tolling of an entire corridor.

• Increasing toll prices by inflation.

• Requiring a free viable alternative, while enabling tolling schemes to require heavy vehicles to use toll roads where the toll road is designed to divert traffic away from built-up or suburban areas.

• Making it more efficient to set up and collect toll revenues.

The Government agreed to toll three new roads (Ōtaki to north of Levin, Takitimu North Link and Penlink) and confirmed tolling will not apply to the new Manawatū-Tararua Highway.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

Endnotes

1 New Zealand Treasury. (2024, 9 December). Infrastructure agencies. https://www.treasury.govt.nz/information-and-services/nz-economy/infrastructure/infrastructure-agencies

2 New Zealand Treasury. (2024, 29 November). Treasury Circular. (2024, 29 November). Treasury Circular (2024/19: The Crown Infrastructure Delivery Limited Mandate.) https://www.treasury.govt.nz/publications/circulars/treasury-circular-2024-19-crown-infrastructure-delivery-limited-mandate

3 New Zealand Treasury. Office of the Minister for Infrastructure. (2024, 28 August). Cabinet Paper. Cabinet Paper ECO-24-SUB-0168: Establishing a National Infrastructure Agency https://www.treasury.govt.nz/publications/cabinet-paper/cabinet-paper-eco-24-sub-0168-establishing-national-infrastructure-agency

4 New Zealand Treasury. (2024, 29 November). Treasury Circular. Treasury Circular 2024/18: National Infrastructure Funding and Financing Limited Mandate. https://www.treasury.govt.nz/publications/circulars/treasury-circular-2024-18-national-infrastructure-funding-and-financing-limited-mandate

5 Bishop, C. (2024, 2 December). New Funding and Financing Framework released [Press release].

https://www.beehive.govt.nz/release/new-funding-and-financing-framework-released

6 New Zealand Government (2024, 13 November). New Zealand PPP Framework - A Blueprint for Future Transactions. https://media.umbraco.io/te-waihanga-30-year-strategy/uyomdbz1/new-zealand-ppp-framework-a-blueprint-for-future-transactions.pdf

7 Bishop, C. and Court, S. (2024, 2 December). Government opens for business on market-led infrastructure proposals [Press release]. https://www.beehive.govt.nz/release/government-open-business-market-led-infrastructure-proposals

8 New Zealand Treasury. (2024, 29 November). Guide. Market-led proposals: Guidelines for submission and assessment. https://www.treasury.govt.nz/publications/guide/market-led-proposals-guidelines-submission-and-assessment

9 Court, S. (2024, 9 December). Strategic leasing another tool in the infrastructure procurement belt [Press release]. https://www.beehive.govt.nz/release/strategic-leasing-another-tool-infrastructure-procurement-belt

10 This work, “Landscape of procurement approaches that utilise private financing”, is adapted from the graphic with the same name by The New Zealand Treasury, used in Guidance: Strategic leasing. The graphic is licensed under CC BY 4.0 by Bell Gully. https://www.beehive.govt.nz/sites/default/files/2024-12/guidance-strategic-leasing.pdf

11 New Zealand Treasury. (2024, November). Guidance: Strategic leasing. https://www.beehive.govt.nz/sites/default/files/2024-12/guidance-strategic-leasing.pdf

12 Brown. S. (2024, 13 December). Government to enable tolling to accelerate investment in roads [Press release]. https://www.beehive.govt.nz/release/government-enable-tolling-accelerate-investment-roads

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

Bell Gully’s infrastructure practice

Bell Gully has New Zealand’s leading infrastructure practice.

We have a deep history of delivering infrastructure solutions for New Zealand Inc., and we are ready and geared up to do more.

Our multi-disciplinary infrastructure team are market leaders and are consistently appointed to New Zealand’s most complex and transformative projects.

Our work demonstrates our unrivalled experience in advising on major projects throughout the country, acting for central government, local government, Māori tribal organisations (iwi) and private sector and investor clients alike.

We specialise in providing comprehensive advice across the entire lifecycle of infrastructure projects. From initial procurement, project structuring and financing to the construction, operation, maintenance, and asset disposal or acquisition, our team offers expertise at every stage.

Our market leading expertise covers:

• Procurement, probity and regulatory

• Environment, planning and consenting

• Iwi relations

• Funding and financing

• Project structuring

• Tax structuring

• Project delivery

• Asset management and operations

• Infrastructure M&A

• Disputes

Our deep understanding of infrastructure, coupled with our pragmatic, businessoriented approach enables us to deliver integrated, high-quality services to our clients across the infrastructure market, including the following key sectors:

• PPPs

• Water

• Transport

• Energy and renewables

• Social infrastructure, including housing

• Digital infrastructure

The scale of the projects we have advised on and the depth of experience they require demonstrates that our infrastructure practice is unmatched in the New Zealand market.

Bell Gully’s team is consistently ranked by global legal directories as being top tier for projects and resource management, real estate and construction, energy and natural resources (incl. environment) and project development, including by The Legal 500 Asia Pacific, Chambers Asia Pacific and IFLR1000. Individually, all members of our infrastructure leadership group, consisting of Angela Harford, Ian Becke, Natasha Garvan, Sarah Anderson-Butler and David Coull are recognised as leaders in their fields by the same international legal directories.

Bell Gully’s infrastructure leaders

If you have any questions about this report, please contact one of the team listed below or your usual Bell Gully adviser:

AUTHORS

STRUCTURING, FUNDING, CONTRACTING AND DELIVERY

Angela Harford PARTNER

DDI +64 4 915 6764 MOB +64 21 875 905 angela.harford@bellgully.com

INFRASTRUCTURE M&A

David Coull PARTNER

DDI +64 4 915 6863 MOB +64 21 800 308 david.coull@bellgully.com

FUNDING AND FINANCING

Sarah Anderson-Butler PARTNER

DDI +64 9 916 8851 sarah.anderson-butler@bellgully.com

natasha.garvan@bellgully.com ENVIRONMENT, PLANNING AND CONSENTING

Natasha Garvan PARTNER

STRUCTURING, FUNDING, CONTRACTING AND DELIVERY

Toni Forrest PARTNER

DDI +64 4 915 6524 MOB +64 27 5055 910 toni.forrest@bellgully.com

Ian Becke

ian.becke@bellgully.com

Bell Gully’s wider infrastructure team

STRUCTURING, CONTRACTING AND DELIVERY

Mathew Brown PARTNER

DDI +64 4 915 6537 MOB +64 27 420 5363 mathew.brown@bellgully.com

Graham Murray PARTNER

DDI +64 9 916 8832 MOB +64 21 909 870 graham.murray@bellgully.com

Dean Oppenhuis PARTNER

DDI +64 4 915 6921 MOB +64 21 317 697 dean.oppenhuis@bellgully.com

Philip Zander SENIOR ASSOCIATE

DDI +64 4 915 6758 MOB +64 27 368 7580 philip.zander@bellgully.com

Charles Wong

SENIOR ASSOCIATE

DDI +64 9 916 8650 charles.wong@bellgully.com

Ruth Keats

SENIOR ASSOCIATE

DDI +64 4 915 6829 ruth.keats@bellgully.com

Nicola Yong

SENIOR ASSOCIATE

DDI +64 4 915 6994 MOB +64 21 875 122 nicola.yong@bellgully.com

Scott Lochhead PARTNER

DDI +64 9 916 8689 MOB +64 21 228 4574 scott.lochhead@bellgully.com

Laura Littlewood PARTNER

DDI +64 9 916 8928 MOB +64 21 828 429 laura.littlewood@bellgully.com

Melissa Ahlefeldt SPECIAL COUNSEL

melissa.ahlefeldt@bellgully.com

Meika McHardy SENIOR ASSOCIATE

DDI +64 9 916 8342 MOB +64 27 202 1748 meika.mchardy@bellgully.com

PROJECT FINANCE

Zac Kedgley-Foot PARTNER

DDI +64 4 915 6820 MOB +64 21 535 253 zac.kedgley-foot@bellgully.com

Sam Dykes PARTNER

DDI +64 9 916 8323 MOB +64 27 4162 146 sam.dykes@bellgully.com

INFRASTRUCTURE M&A

Anna

anna.buchly@bellgully.com

chris.hodges@bellgully.com

Rachael Brown PARTNER

DDI +64 4 915 6882 MOB +64 21 390 383 rachael.brown@bellgully.com

PUBLIC WORKS ACT

Tim Fitzgerald PARTNER

DDI +64 9 916 8882 MOB +64 21 770 472 tim.fitzgerald@bellgully.com

Kirsty Dobbs PARTNER

DDI

kirsty.dobbs@bellgully.com

AUCKLAND

DELOITTE CENTRE

1 QUEEN STREET

NEW ZEALAND

WELLINGTON

Disclaimer: This publication is necessarily brief and general in nature. You should seek professional advice before taking any further action in relation to the matters dealt with in this publication. The views expressed are our own. No client views are represented in this publication.