All for a privately funded Lake Onslow

Radio NZ reports:

A prominent backer of the Lake Onslow pumped hydro scheme says he’s already fielding interest from international investors.

It is a project that has been around for years, picked up by the last Labour government, but then scrapped after the election amid strong criticism from National.

Now it is being backed by a private-sector firm, The Clutha Pumped Hydro Consortium, and the government has agreed to refer the scheme for possible fast-tracking.

I was adamantly opposed to it as a government project where taxpayers would be forking out $16 to $28 billion.

But if a group of private investors wish to raise capital for it, then that’s great. I have 100 times more confidence in the investment decisions of people investing their own money,. than I do on politicians investing my money.

A spokesperson for the Ministry for the Environment said the Minister for Infrastructure had issued a decision to refer the project to the Fast-track approvals process.

“It is eligible to lodge a substantive application to be considered by an expert panel.

It clearly qualifies.

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