The proponents of the $1.5 billion CopperString 2.0 power project say it has taken a significant step forward, receiving indicative terms for the largest NAIF loan offer to date.

Figures have not been revealed as the matter remains under negotiation but it is understood CuString is seeking about $1 billion.

CuString director Joseph O’Brien welcomed the Northern Australia Infrastructure Facility (NAIF) milestone and said a group of top-tier commercial banks had also formally confirmed their support to continue working as potential debt financiers for the development.

“The very strong interest from mining and minerals operations and clean-energy projects wishing to connect to the CopperString transmission network together with the clear support from the Queensland and Australian governments is building confidence and driving progress with financiers,” Mr O’Brien said.

NAIF chief executive officer Chris Wade said CopperString was going through NAIF’s due diligence phase.

CuString says the issuance by NAIF of indicative financing terms for the CopperString project is particularly important as it moves towards construction in mid-2021.

Mr O’Brien said the CopperString team had a strong commitment to developing the Townsville-to-North West Minerals Province industrial economy powered by strategic transmission investment and the country’s best AA-rated renewable energy zone.

“We expect 750 construction jobs to be created during CopperString’s construction phase and over 3500 long-term full-time equivalent jobs to be sustained through increased minerals production and the benefits the CopperString investment can deliver,” he said.

“However, to do this and to advance the CopperString project to construction we really need to convert the support from the Queensland and Australian Governments into project delivery commitments.”