NZ Infra Responds to Light Rail Decision
POSTED ON: 24 June 2020
The New Zealand Government today announced its decision to end its parallel process to select a delivery partner for the City Centre to Māngere (CC2M) Auckland Light Rail project. It was with significant disappointment that NZ Infra, which last year submitted a proposal to undertake the project, received that decision.
NZ Infra is a joint venture of the NZ Super Fund and CDPQ Infra - an infrastructure subsidiary of the Canadian pension fund, Caisse de dépôt et placement du Québec (CDPQ).
CDPQ Infra Managing Director Jean-Marc Arbaud said: “We gathered the best international light rail experts to put forward an integrated, inclusive and sustainable project that had the potential to spearhead the transformation of Auckland. Our proposal was fully funded, deliverable and offered clear value for taxpayers. We diligently followed every step of the rules and process designed by the Ministry of Transport. It is disappointing that the process has been cancelled but we respect the decision of the New Zealand Government.”
Matt Whineray, Chief Executive of the NZ Super Fund, said: “We entered into this process knowing the outcome was not certain. As Aucklanders, we are very proud of the innovative and high quality proposal we produced with the expert support of our partner CDPQ Infra. We have valued the engagement we have had with the Ministry of Transport and other stakeholders over the last year and thank them for their efforts and assistance. We remain committed to seeking opportunities for the NZ Super Fund to invest in New Zealand, including in large-scale infrastructure, and look forward to utilising the knowledge and expertise we have developed on other projects.”
ABOUT NEW ZEALAND SUPERANNUATION FUND The New Zealand Superannuation Fund is a $44 billion global investment fund established by the New Zealand Government to help pre-fund universal superannuation. It invests on a commercial basis. The Fund has returned 9.5% p.a. (after costs, before NZ tax) since inception in 2003. It has approximately $6 billion invested in New Zealand.
ABOUT CDPQ INFRA CDPQ Infra is a wholly owned subsidiary of Caisse de dépôt et placement du Québec, a long-term institutional investor with CAD340.1 billion in net assets as of December 2019. CDPQ Infra is responsible for the development, funding and operation of large scale infrastructure projects, including the Réseau express métropolitain (REM). The REM is a new, 67-km integrated public transit network that will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Deux-Montagnes) and the airport in a unified, fully automated LRT system.