MinterEllisonRuddWatts is proud to have acted for Wellington Gateway Partnership (WGP) in a significant restructure of the Transmission Gully (Te Aranui o Te Rangihaeata) Motorway Project, following an agreement between WGP, its subcontractors, and Waka Kotahi NZ Transport Agency (NZTA).

The restructure includes a comprehensive commercial settlement that resolves all disputes and differences, and refinancing the senior debt, providing clarity and certainty for the future of this landmark infrastructure project.

Partner and infrastructure expert, Sarah Sinclair highlighted the importance of the agreement in achieving a mutually beneficial outcome for all parties.

“This settlement represents a significant milestone for WGP and underscores the importance of collaboration and skilled negotiation in complex public-private partnership projects,” Sarah Sinclair said.

“Our team worked tirelessly alongside WGP to ensure its interests were protected while facilitating an outcome that allows all parties to move forward. It is a privilege to support WGP in delivering one of New Zealand’s most critical infrastructure projects.

“Transmission Gully delivers infrastructure that benefits all New Zealanders, and we are proud to support WGP in its delivery and ongoing success.” 

Key elements of the settlement include:

• NZTA assuming greater responsibility for project completion and ongoing operations and maintenance.
• The resolution of all legal proceedings, ending potential lengthy litigation.
• The exit of CPB Contractors and HEB Construction Joint Venture from the project.
• Ventia continuing its role in operating and maintaining the motorway.
• The refinancing of WGP’s senior debt facilities used to finance the construction of the project.

WGP will continue receiving quarterly unitary payments to enable it to repay the capital raised for the construction of Transmission Gully.

The firm’s advising team was led by Sarah Sinclair and Natasha Hood (construction and infrastructure), Simon Gray (project finance) and Simon Akozu (tax), with specialist support from Stephen Price, Charlene Fairnie, Shukti Sharma, Lydia Sharpe, Steve Gallaugher, Tamara Payne, Steven Liu, David Gilbert, Bianca Tree, and Kate Storer.

The team brought deep expertise in public-private partnerships, project finance, dispute resolution, and large-scale infrastructure projects, ensuring the complex negotiations were navigated seamlessly.