The reservoir of the Waimea Community Dam has been tested through winter and is now ready to be filled.
It is the first large dam to be constructed in New Zealand in 25 years and is a partnership between the Tasman District Council and Waimea Irrigators.
Waimea Water chief executive Mike Scott said the dam was performing as expected, with a low water level maintained in the reservoir over the last two months to allow an isolating valve and concrete sealing plug to be installed.
Once full, it will hold 13 million cubic metres of water.
Construction began on the controversial dam in early 2019.
The project almost did not get off the ground in 2018 when it was announced the project costs had escalated, and Tasman District councillors voted narrowly not to continue.
That decision was revoked the following month after councillors were presented with a new funding model that meant ratepayers would face lowered costs.
The dam is now projected to cost $198 million, $98m more than expected in 2018.
Scott previously said unexpected geology, Covid-19-related delays and an escalating cost environment have all contributed to the total cost.
The dam will be filled in stages, with the water held at certain levels for extended periods to allow for further testing and to address any teething issues.
After a dry winter, Scott said they were hopeful spring rainfall in the catchment area would fill the reservoir by December, ahead of the forecast dry and windy El Niño summer.