Buddle Findlay is delighted to have won the 'Project Finance Deal of the Year' at the 2023 New Zealand Law Awards for the financing of a special purpose vehicle to fund infrastructure and urban development projects in Tauranga and Western Bay of Plenty.
Buddle Findlay advised lenders Westpac and Bank of New Zealand on the first transaction under the Infrastructure Funding and Financing (IFF) Act implemented by Crown Infrastructure Partners, which has raised approximately $175m for thirteen transport projects across the Tauranga region. Tauranga will be the first region to use a new Government tool to raise funding for much-needed infrastructure.
The Buddle Findlay team was led by partners Peter Owles and Daniel Collins who commented “We were pleased to be a part of such an innovative financing transaction - recognising that it is a key milestone for Tauranga and the funding of infrastructure in New Zealand more generally. It was great to work alongside the team at CIP, and Maficˮ.
Judges' comments include: "Complexity of navigating the application of existing funding arrangements to a new regime together with the innovation involved make this deal notable; First transaction under the IFFA, requiring the lawyers to create documentation that will no doubt be used by all others going forward; Novel legislation and transaction."