ANNOUNCEMENT 02 Sep 2020

The Australian government-funded Northern Australia Infrastructure Facility (NAIF) announced the approval of AUD 37 million to support the construction of a gas power plant and a solar farm.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Northern Australia Infrastructure Facility. Media Releases Archive. "NAIF approves seventh deal in Northern Territory with loan to new gas and solar projects" of 2 September 2020. Available at: https://naif.gov.au/media-releases/naif-approves-seventh-deal-in-northern-territory-with-loan-to-new-gas-and-solar-projects/

Inception date: 02 Sep 2020 | Removal date: open ended

State loan

On 2 September 2020, the Australian government-funded Northern Australia Infrastructure Facility (NAIF) approved a loan of AUD 37 million (over USD 27 million) to Merricks Capital Pty Ltd, an Australian-based investment manager.

The objective of the finance facility is to support the construction of a gas power plant and a solar farm in the Northern Territory. The power generated will be used by Rimfire, the largest private electricity retailer in the region to cover up to 90% of its electricity generation needs.

It is expected that the project will create 162 jobs. 

 
Northern Australia Infrastructure Facility (NAIF)
NAIF is an AUD 5 billion lending facility created by the Australian Government to finance infrastructure projects located in northern Australia or with significant impact for that region, and that are of public benefit and engage the indigenous people (please, see related state acts)

The loans provided by NAIF have a lower interest rate than commercial lenders and borrowing tenors of up to 30 years.

AFFECTED SECTORS

 
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