$110m loan will finance redevelopment of Picton ferry wharf

News from Marlborough District Council
Marlborough District Councillors voted unanimously today to proceed with loaning Port Marlborough $110 million to finance the Waitohi Ferry Redevelopment Project.

Mayor Nadine Taylor thanked the 73 people and organisations who made a submission to the consultation process.

“We heard a clear message from submitters on the importance of this project to Picton and to Marlborough and that it needed to proceeed as quickly as possible.”

Under the consultation proposal put forward by the Council, Port Marlborough will repay a loan of $110 million in full, including interest, as well as returning a dividend to the Council which will be used to benefit all of Marlborough. The project will be structured to ensure it is delivered at no cost to ratepayers, with the provision of a financial security package.

“This loan is an investment in Marlborough’s future. There’s much work to be done in the port and in the town of Picton over the next three years,” Mayor Taylor said.

“I’m very excited about the new development programme, which will lift the capability of the port and provide safer, efficient and more environmentally friendly ferry services for both passengers and freight.”

“This has unfortunately been a drawn out process, stretching back to 2018, when the previous iReX project was first proposed, and then stopped in 2023. The community has had to work through the frustrations of Government changes and the associated disruptions.

“Whilst there is still a lot of work to do, I’m pleased to say we are now able to move forward with confidence. The new ships are being procurred, Port Marlborough has successfully negotiated a 60-year commercial agreement to cement the Port’s role in the Cook Strait crossing, and the $110 million financing, subject to final negotitations, has been confirmed.”

For information about the Port Marlborough project, go to: https://portmarlborough.co.nz/waitohi-ferry-redevelopment-project/
For information about the Cook Strait Ferry Replacement Programme: https://www.ferryholdings.co.nz/
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