NAIF in the news: construction commences at two NAIF-backed projects

Construction of two more NAIF-supported projects this week officially commenced.

Construction of two more NAIF-supported projects this week officially commenced.

Mater Private Hospital, Townsville

The construction of a new NAIF supported six-storey car park at the Mater Private Hospital in Townsville has been launched with a blessing of the site and its workers by Catholic Bishop of Townsville Tim Harris.

The building, supported by a $19.75m loan from NAIF, will be developed on the hospital’s Pimlico campus at the corner of Diprose and Lothair St. The carpark is the second stage of the hospital’s 10-year $100m master plan and will provide undercover parking for patients, visitors and staff.

More details of the site blessing can be read in the Townsville Bulletin

Genex Power Pumped Storage Hydro Project

Construction is to be progressively ramped up on a project to convert a disused gold mine into a pumped storage hydro-electric power station in North Queensland.

Genex Power this week issued notices to proceed on two of the major contracts for the NAIF-supported project to a McConnell Dowell-John Holland joint venture and to Beon Energy Solutions.

It follows a similar notice to Powerlink for associated 275kV transmission infrastructure, including a power line connecting the site at Kidston 270km northwest of Townsville with the existing transmission network at Mount Fox.

The McConnell Dowell-John Holland joint venture will undertake the engineering, procurement and construction contract including dam construction, underground and waterway civil works and powerhouse fit-out.

Beon has the design and construct contract, which includes a new substation at Kidston to connect into the Powerlink transmission line, and new 275kV transmission infrastructure to connect from the substation to the EPC works.

NAIF is supporting the project with a loan of $610 million, financing which last week reached contractual close.

Genex is scheduling financial close on the hydro project in mid-May. Commissioning of the hydro project is planned for late 2024.

Genex’s ASX release can be read here