The Northern Australia Infrastructure Facility (NAIF) has made two new Investment Decisions bringing the total number of its Investment Decisions to eight.
NAIF Chief Executive Laurie Walker said: “We are delighted to start the new year with two Investment Decisions that will deliver $200 million of NAIF investment into northern Australia.
The total value of current NAIF loan commitments via Investment Decisions or conditional approvals now exceeds $1 billion. The estimated total capital value of those projects is $2.53bn.
The first of the new decisions, and the largest loan approved by the NAIF Board to date, is for up to $150 million to Northern Territory Airports (NTA). That loan was conditionally approved by NAIF in September 2018. It will fund infrastructure projects as part of the $300 million infrastructure expansion package across airport sites in Darwin, Tennant Creek and Alice Springs including:
- the construction of a freight and cold storage and an export hub at Darwin International Airport;
- solar energy farms at Darwin, Tennant Creek and Alice Springs along with an off-site multi-user battery; and
- the resurfacing of Alice Springs airport’s runway, taxiways and apron and installation of new runway lighting.
The NTA project is estimated to support 1,000 jobs in the construction phase, 500 indirect jobs and 140 new ongoing positions and will create growth opportunities for tourism, agriculture and aquaculture operators and supply chains. Construction is expected to commence within the first quarter of this calendar year. NTA has committed to a 10 per cent Indigenous employment target through its Indigenous Engagement Strategy.
The second Investment Decision, for a loan of up to $50 million, has been made for a project in north Queensland. Details of this project currently remain commercial in confidence while the proponent concludes commercial approvals and negotiations. This is the second Investment Decision made by NAIF for Queensland.
NAIF has written to the Minister for Resources and Northern Australia, triggering the formal consideration period for him under the NAIF Act for each of the new projects.
Financial assistance to each project is also subject to the finalisation of the relevant jurisdiction’s consideration and agreement for the approved funds to be advanced.
As of 7 January 2019, NAIF Investment Decisions (by value) are to:
- Northern Territory Airports, NT (up to $150m)
- James Cook University, QLD (up to $98m)
- Sheffield Resources Limited, WA (up to $95m)
- Commercial In Confidence, QLD (up to $50m)
- Voyages Indigenous Tourism Australia, NT (up to $27.5m)
- Pilbara Minerals Limited, WA (up to $19.5m)
- Onslow Marine Supply Base, WA (up to $16.8m)
- Humpty Doo Barramundi Farm, NT (up to $7.18m, with potential up to $30m over three stages)
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