The company managing Hawke's Bay's Ruataniwha Water Storage Scheme is confident of getting the investment it needs to build the dam.
The dam and associated irrigation works have resource consents granted by the Government-appointed Board of Inquiry.
But the Hawke's Bay Regional Investment Company still has to await the outcome of appeals against the consents from environmental groups, to be heard in the High Court on 10-12 November.
In the meantime, chief executive Andrew Newman said it is making progress in signing up farmers to take water from the scheme and maintains there is plenty of interest from potential backers after major investors TrustPower and Ngai Tahu walked away.
"Ultimately, raising the capital will boil down to us delivering in two areas and that is, provided we generate enough contracted revenue through water user agreements and provided we have consents that are clear of appeals, then with those two pre-conditions there are substantial institutional investors very interested in the project."