Trust adds energy to theatre company

Gaining funding for large community projects is much like setting up a domino stack, according to Peter McKenzie, project manager for Whakatane Theatre’s new Gateway Drive facility.

“Almost every funding organisation wanted to know that others would get behind the project before they would commit,” he said. A promissory note for funding from the Eastern Bay Energy Trust formed the cornerstone, which enabled the theatre company to gain enough funding to fit out their new rehearsal and boutique performance venue.

Mr McKenzie said that he and theatre company members would show their support for the Eastern Bay Energy Trust by voting ‘yes’ in the Trust’s Horizon share purchase consumer poll, which runs from June 5 to 26. He considers that voting ‘yes’ to the Trust’s purchase of all Horizon shares means greater earnings for the Trust and ultimately, greater funding for community projects. He added, “The Eastern Bay Energy Trust has been incredibly supportive of our project. I firmly believe they should be part of the community and indeed, like us, they are a permanent part of the community.”

Energy Trust trustee David Bulley said that 100% ownership of Horizon would give some surety to the company’s future direction and local employment. “We would like to see Horizon grow, and with expansion see more Eastern Bay employment opportunities. The increased shareholding in Horizon will benefit the community, as all Horizon profits will go to the Energy Trust and can be used for energy related projects in the community,” said Mr Bulley.

Mr Bulley added that the Energy Trust currently grants $1.5 million per year to community organisations including marae, schools, clubs, preschools and district councils. It has returned more than $30 million to the community for energy related projects since it began in 1994. In addition, it has leveraged millions of dollars of central government and private sector funding for insulation retrofits in almost 4,000 Eastern Bay homes.

The Energy Trust will borrow $20 million dollars in order to purchase the shares. Mr Bulley said that increased earnings from Horizon would enable the Energy Trust to pay pack the loan over ten years and provide more community funding.