CopperString power plan attracts major investor
CuString said the agreement provided significant development funding and long-term capital investment for the project.
“We’re very excited to have entered into this agreement with DIF. DIF’s involvement in CopperString 2.0 reflects the importance of the project not only to Townsville and the North West Minerals Province, but to the entire Queensland economy,” CopperString 2.0 executive chairman John O’Brien said.
The Copperstring 2.0 project is a high-voltage transmission line to connect the Mount Isa and Cloncurry region to the National Electricity Grid south of Townsville.
It is understood that DIF will provide about $5 million in development funding along with a commitment of up to $400 million in equity should CopperString 2.0 reach financial close
Mr O’Brien said the DIF partnership built on an earlier agreement struck between CuString and Queensland Government-owned transmission business, Powerlink.
“We are currently going through important regulatory, commercial and financing negotiations with a range of stakeholders including mining companies in the North West Minerals Province who will be the foundation customers, NAIF who is conducting Due Diligence on the provision of around $1 billion in debt funding and the Queensland Government who is responsible for relevant regulatory approvals,” Mr O’Brien said.
“DIF’s investment in CopperString 2.0 is a very strong signal that the project stacks up and Northern Queensland is a very attractive region for attracting global capital.”
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