The Big Picture: Infrastructure – Changing tides and new opportunities

THE BIG PICTURE: INFRASTRUCTURE Changing tides and new opportunities FEBRUARY 2025

W W W. B E L L G U L LY. C O M

Contents 3

Introduction

4

The new regulatory landscape

5

The new framework for funding and financing

6

A blueprint for future PPP transactions

7

New guidelines for market-led proposals

9

New strategic leasing guidance

11

Resource management – new time frames

12

What to watch

14

Endnotes

15

Bell Gully's infrastructure practice

Introduction

A

period 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.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

The new regulatory landscape FOUR CENTRAL AGENCIES AND ENTITIES DRIVE THE INFRASTRUCTURE SECTOR IN NEW ZEALAND1

The Treasury

NIFF 3

Responsible for:

Responsible for:

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

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

□ 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.

The Treasury

New Zealand Infrastructure Commission – Te Waihanga

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

• Managing the Infrastructure Pipeline.

Crown Inf rastructure Delivery Ltd (CID) – Rau Paenga

• 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.

NIFF

Crown Infrastructure Delivery Ltd (CID) – Rau Paenga

• 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 Invest New Zealand

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 4

THE NEW REGULATORY LANDSCAPE

OVERVIEW

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 inf rastructure; boosting R&D; and attracting skilled professionals.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

The new framework for funding and financing

T

he 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.

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:

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.

1. Assess the project’s standalone funding potential.

5

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

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.

3. Consider long-term implications and financial risks.

Stage 1

Stage 2

Stage 3

APPLY PRINCIPLE 1 Exploring other options before using Crown funding

APPLY PRINCIPLES 2 AND 3 Limit wasteful spending and recycling Crown capital

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.

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

THE NEW FRAMEWORK FOR FUNDING AND FINANCING

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.

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

A blueprint for future PPP transactions

A

PPP 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

CATEGORY 2

CATEGORY 3

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

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

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

SPOTLIGHT UPDATE

SPOTLIGHT UPDATE

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.

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.

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 policy updates:

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.

• Availability and economic PPPs. • Delivery of public services.

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

SPOTLIGHT UPDATE

See framework for other model and contract updates: • Incentivising and allowing innovation • Performance regime v evaluation incentives.

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

• Major expansions and augmentations.

• Dispute resolution procedures.

A BLUEPRINT FOR FUTURE PPP TRANSACTIONS

• Affordability threshold validation.

• Greater collaboration through progressive procurement.

• Client resourcing and preparation.

• Interactive tender process.

• Design development.

• Completion regime.

6

See framework for other process updates:

• Extension and compensation events.

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

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

New guidelines for market-led proposals

U

nlike 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.

7

NEW GUIDELINES FOR MARKET-LED PROPOSALS

1

2

3

PRINCIPLES USED AS ASSESSMENT CRITERIA FOR PROPOSALS

Public interest

Exclusivity

Value for money

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.

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?”

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

New guidelines for market-led proposals STAGE

STAGE 0 Mandatory pre-submission review

STAGE 1 A THE PROCESS

Initial submission and preliminary assessment

ASSESSMENT CRITERIA

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

Proponent’s decision to continue to Stage 1

f Public interest

MLP Steering Committee approval required to progress to Stage 1b

f Exclusivity

GOVERNMENT RESPONSE TIME

1 month

Indicatively, 3-6 months

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

□ Capability and capacity

Negotiation of final binding offer

Cabinet approval required to progress to Stage 2

□ Risk allocation

f Criteria from previous stages; and f Value for money (quantitative) □ Economic assessment and benefit-cost ratio

□ Affordability

Criteria from previous stages

CONTRACT AWARD: EXECUTE ALL PROJECT DOCUMENTS

NEW GUIDELINES FOR MARKET-LED PROPOSALS

Cabinet approval required to progress to Stage 3

□ Return on investment

STAGE 3

8

APPROVAL REQUIRED

Cabinet approval required to accept binding offer

Agreed between proponent and Government

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

New strategic leasing guidance

F

orming 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

Ser vice needs are likely to be shor t-term or var y unpredic tably

NEW STRATEGIC LEASING GUIDANCE

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.

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

S TR ATEGIC LE A S ING

Similar as set s are used by the private sec tor

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

9

A s set s are les s complex and les s specialised

Public ser vice deliver y by the private sec tor 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 LANDSCAPE OF PROCUREMENT APPROACHES THAT UTILISE PRIVATE FINANCING 10

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:

NZ PPP: 1. Long-term requirement – ultimate public sector ownership

Natural disaster housing relief

Co-location of community health hubs with the private sector

LONGER DURATION

MEDIUM-TERM

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

Strategic leasing: 1. Shorter-term/surge policy requirements 2. Market assets regularly developed and utilised by the private sector

Long-term requirement of market assets

2. High complexity and large scale 3. Government specif ic asset 4. High degree of asset and service delivery integration

3. Low degree of asset and service delivery integration required 4. Public service delivery by private sector not required

Transitions to exiting from, or downsizing of, services

or in the long-term for: LONG-TERM

OFFICE ACCOMODATION

HOUSING, EDUCATION FACILITIES,

HOSPITALS, PRISONS,

AND PUBLIC INTERFACE AREAS

RESEARCH FACILITIES, HEALTHCARE HUBS

TRANSPORT INFRASTRUCTURE

MORE COMPLEXITY/MORE GOVERNMENT-SPECIFIC Social housing

Education facilities

Regional healthcare hubs

10

NEW STRATEGIC LEASING GUIDANCE

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

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.

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

T

he 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

S PECI FI E D E N E R GY AC T I V I T Y Establishment, operation or maintenance of an activity that produces energy from these sources:

SOL AR

ELECTRICIT Y TRANSMISSION AND DISTRIBUTION

GEOTHERMAL

HYDRO

BIOMASS

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

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

RESOURCE MANAGEMENT – NEW TIME FRAMES

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.

LO N G - LI V E D I N FR A S T RU C T U R E GAS PIPELINES

STRUCTURES FOR L AND TRANSPORT

11

WIND

TELECOMMUNICATION NETWORK

ELECTRICIT Y GENERATION FACILITIES, LINES AND SUPPORT STRUCTURES

FACILITIES FOR UN/LOADING CARGO OR PASSENGERS TRANSPORTED ON L AND

REGUL ATIONS LIST

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

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

What to watch NATIONAL INFR A STRUC TURE PL AN

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.

12

WHAT TO WATCH

REGIONAL DE AL S

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.

FA ST-TR ACK APPROVAL S AC T

The Fast-track Approvals Act (the Act) came into force on 24 December 2024, providing projects of national and regional signif icance 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 f rom the Minister for Inf rastructure.

Other projects of national or regional signif icance 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 Inf rastructure. 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 f rom advisors will be available f rom 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.

13

WHAT TO WATCH

OIL AND GA S DE VELOPMENTS

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.

TOLLING UPDATES

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.

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

• 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.

• Addressing liability for issues after decommissioning.

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

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

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.

• Introducing a new Tier 3 mineral permit.

• 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.

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

14

ENDNOTES

INFRASTRUCTURE − CHANGING TIDES AND NEW OPPORTUNITIES

Bell Gully’s infrastructure practice

B

ell 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 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:

Our market leading expertise covers:

• Transport • Energy and renewables

• Environment, planning and consenting

• Social infrastructure, including housing

• Iwi relations

• Digital infrastructure

• Funding and financing • Project structuring • Tax structuring • Project delivery • Infrastructure M&A • Disputes

BELL GULLY’S INFRASTRUCTURE PRACTICE

• Water

• Procurement, probity and regulatory

• Asset management and operations

15

• PPPs

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

ENVIRONMENT, PLANNING AND CONSENTING

Angela Harford

Sarah Anderson-Butler

Natasha Garvan

PARTNER

PARTNER

PARTNER

DDI

+64 4 915 6764

MOB

+64 21 875 905

angela.harford@bellgully.com

INFRASTRUCTURE M&A

David Coull DDI

+64 4 915 6863

DDI

+64 9 916 8851

DDI

sarah.anderson-butler@bellgully.com

MOB

+64 21 800 308

david.coull@bellgully.com

BELL GULLY'S INFRASTRUCTURE LEADERS

+64 9 916 8956

MOB

+64 21 329 179

natasha.garvan@bellgully.com

STRUCTURING, FUNDING, CONTRACTING AND DELIVERY

STRUCTURING, FUNDING, CONTRACTING AND DELIVERY

Toni Forrest

Ian Becke PARTNER

PARTNER

PARTNER

16

FUNDING AND FINANCING

DDI

+64 4 915 6524

MOB

+64 27 5055 910

toni.forrest@bellgully.com

DDI

+64 9 916 8795

MOB

+64 21 804 096

ian.becke@bellgully.com

Bell Gully’s wider infrastructure team STRUCTURING, CONTRACTING AND DELIVERY

Mathew Brown

Scott Lochhead

PARTNER DDI

+64 4 915 6537

PARTNER MOB

+64 27 420 5363

DDI

mathew.brown@bellgully.com

Graham Murray +64 9 916 8832

+64 21 909 870

MOB

+64 9 916 8689

RESOURCE MANAGEMENT / CONSENTING

Laura Lincoln

Anna Buchly

SENIOR ASSOCIATE

PARTNER +64 21 228 4574

MOB

DDI

+64 9 916 8649

+64 21 622 555

MOB

Dean Alderton

Lisa McLennan

PARTNER

SENIOR ASSOCIATE

+64 9 916 8928

MOB

+64 21 828 429

DDI

+64 9 916 8742

MOB

+64 21 417 547

dean.alderton@bellgully.com

Dean Oppenhuis

Melissa Ahlefeldt

Chris Hodges

SPECIAL COUNSEL

PARTNER

+64 4 915 6921

MOB

+64 21 317 697

+64 04 915 6541

DDI

MOB

+64 21 569 082

melissa.ahlefeldt@bellgully.com

DDI

+64 9 916 8321

MOB

DDI

+64 9 916 8876

DDI

+64 4 915 6758

+64 21 886 290

IWI RELATIONS

Rachael Brown

+64 21 687 335

chris.hodges@bellgully.com

PARTNER +64 4 915 6882

MOB

+64 21 390 383

rachael.brown@bellgully.com

Meika McHardy

SENIOR ASSOCIATE

MOB

lisa.mclennan@bellgully.com

DDI

Philip Zander

+64 21 870 139

Laura Littlewood

laura.littlewood@bellgully.com

DDI

MOB

laura.lincoln@bellgully.com

graham.murray@bellgully.com

dean.oppenhuis@bellgully.com

+64 4 915 6873

anna.buchly@bellgully.com

DDI

PARTNER

DDI

scott.lochhead@bellgully.com

PARTNER

PARTNER DDI

INFRASTRUCTURE M&A

SENIOR ASSOCIATE MOB

+64 27 368 7580

DDI

philip.zander@bellgully.com

+64 9 916 8342

MOB

+64 27 202 1748

LITIGATION

meika.mchardy@bellgully.com

Kirsty Dobbs Charles Wong

PROJECT FINANCE

PARTNER

PUBLIC WORKS ACT

SENIOR ASSOCIATE DDI

DDI

+64 9 916 8650

charles.wong@bellgully.com

Zac Kedgley-Foot PARTNER DDI

Ruth Keats

+64 4 915 6820

MOB

+64 21 535 253

Tim Fitzgerald

DDI

DDI

+64 9 916 8882

MOB

+64 21 770 472

zac.kedgley-foot@bellgully.com

tim.fitzgerald@bellgully.com

Sam Dykes

Karl Anderson

PARTNER

+64 9 916 8323

MOB

+64 27 4162 146

sam.dykes@bellgully.com

SENIOR ASSOCIATE +64 4 915 6994

MOB

+64 21 190 3968

DDI

+64 9 916 8845

MOB

+64 21 661 726

karl.anderson@bellgully.com

Brad Ward PARTNER

Nicola Yong DDI

+64 9 916 8843

jesse.wilson@bellgully.com

PARTNER

PARTNER DDI

+64 27 405 8086

Jesse Wilson DDI

+64 4 915 6829

MOB

PARTNER

SENIOR ASSOCIATE

ruth.keats@bellgully.com

+64 4 915 6514

kirsty.dobbs@bellgully.com

DDI

MOB

+64 21 875 122

+64 9 916 8875

MOB

+64 21 234 4612

brad.ward@bellgully.com

nicola.yong@bellgully.com

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

17

BELL GULLY'S WIDER INFRASTRUCTURE TEAM

AU CKL A N D

WE L L IN G TON

Disclaimer: This publication is

DELOIT TE CENT R E 1 QUEEN STREE T N EW ZEAL AND

B E L L GU L LY B U I L D I NG 4 0 L A DY E L I ZA B E T H L A NE NEW ZE A L A ND

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.

All rights reserved © Bell Gully 2025