Central Plains Water has accumulated losses of $21.1 million, according to the latest annual accounts ending June 2013.

The Canterbury irrigation company has just issued a prospectus seeking a minimum $43 million in several tranches.

The prospectus says the money will be used to repay loans, buy land, initiate construction of the first stage of irrigation infrastructure and manage the project.

The debts and financial information about the state of the company are contained within the separately published annual result.