Selwyn Water Limited has taken over around $1.1 billion of the drinking water and wastewater assets in the Selwyn District.

The new CCO will take over billing for the services in July next year and the asset transfer is the largest transaction in the council’s history.

Selwyn District Council set up the CCO under the Government’s Local Water Done Well reforms.

It did so after the council voted 6-5 in favour of the CCO model in April, despite about 87% of 424 public submissions being against the proposal and in favour of keeping water services in-house.

In September, the Council approved the Transfer Agreement with Selwyn Water Limited, paving the way for the transfer of drinking water and wastewater assets by December 18.

Selwyn Water now manages approximately $1.1 billion in drinking water and wastewater assets under its own governance and financial systems.

The transfer includes all water and wastewater assets, liabilities, resource consents, contracts, and water-related debt.

That debt is estimated to be around $133m.

It will have a borrowing capacity of up to 500% of its operating revenue, projected to be borrowing 442% of the forecast $58.7m revenue in 2026/27.

Selwyn District Council chief executive Sharon Mason said completing the transfer “reinforces our commitment to keeping Selwyn’s water services in public hands while strengthening the way they are managed”.

“This is a significant milestone, and I want to acknowledge the dedication and hard work of the staff across both organisations who have made this transfer possible.”

Selwyn Water chief executive Alex Cabrera said the transfer of water assets positions Selwyn Water to invest strategically and deliver service excellence.

He said the new company “is being built as a utility to serve Selwyn for generations”.

“Being a utility means more than managing pipes and plant, it’s about adopting a long-term, service-first mindset.

“Our focus is simple, deliver safe, reliable water services every day, and build the infrastructure Selwyn needs for the future.

“We’re committed to working closely with residents, mana whenua, and our partners to ensure our services reflect the expectations and aspirations of our communities.”

Over the next six months, he said Selwyn Water will continue building its internal capability and systems ahead of taking over customer billing from July 1 2026.

By Jonathan Leask