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