The Government launched the $1.2 billion Regional Infrastructure Fund in 2024 to improve regional infrastructure.<\/p>\n
A report released last month showed $1.1b had been committed, $849m had been approved and $137m had been paid.<\/p>\n
More than 135 projects<\/a> had been approved but only 12 had been completed.<\/p>\n Jones said completion was measured when a project reached its final milestone.<\/p>\n \u201cThe majority of projects from the fund are underway.\u201d<\/p>\n Jones said all projects were assessed for risk.<\/p>\n However, he said economies were dynamic; certain projects had not worked out. <\/p>\n Jones said Tauranga stakeholders had told him the region\u2019s geothermal energy had been \u201cneglected and overlooked\u201d.<\/p>\n \u201cThis type of geothermal energy has direct application to reducing energy costs.\u201d<\/p>\n The Bay of Plenty Times asked why the project was selected over other infrastructure priorities. <\/p>\n Jones said the Bay of Plenty was an area of geothermal energy. <\/p>\n The Government announced its final strategy to double geothermal energy use by 2040<\/a> in March.<\/p>\n Jones said there were bigger geothermal projects near Rotom\u0101 and Kawerau. Projects led by specialist renewable energy developer Eastland Generation had been approved for up to $20m.<\/p>\n \u201cBut Tauranga already has a lot of momentum of growth.\u201d<\/p>\n Jones said technical advisers had identified \u201chotspots\u201d near Rangiuru Business Park.<\/p>\n The Government also announced a $12.5m investment into \u014cp\u014dtiki Marina through the Regional Infrastructure Fund.<\/p>\n The funding would consist of a loan and equity. Project partners would provide $12.5m in co-funding.<\/p>\n The development included construction of a marina basin, wharf and piers, a boat ramp and related marine infrastructure.<\/p>\n Up to 87 jobs would be generated during construction.<\/p>\n Jones said it was the \u201cfinal major infrastructure component\u201d to grow \u014cp\u014dtiki aquaculture.<\/p>\n \u201cThe marina will provide year-round safe berthing for aquaculture and commercial vessels, improve the efficiency of mussel harvesting and servicing operations, and support further investment in marine industries.\u201d<\/p>\n Regional Development and Resources Minister Shane Jones at a ceremony celebrating an aquaculture settlement signed between Crown and Te Moana-a-Toi iwi. Photo \/ Bijou Johnson<\/p>\n
The Government will invest $12.5 million from the Regional Infrastructure Fund into the development of \u014cp\u014dtiki Marina. Photo \/ Kanoa \u2013 Regional Economic Development & Investment Unit<\/p>\n