Power project a step closer to NAIF funding decision
The NAIF said the project, from proponent CuString, had the potential to meet all the mandatory eligibility criteria in the NAIF’s Investment Mandate.
CopperString 2.0 is the development of a 1100km high-voltage electricity transmission line to integrate the North West Minerals Province into the National Electricity Market.
CuString proposes to commence the first stage of construction, a 720km overhead high-voltage electricity line from Woodstock, south of Townsville, to the Chumvale sub-station, near Cloncurry, by the end of 2020, with operations commencing by the end of 2022.
Queensland’s independent Coordinator-General declared CopperString 2.0 a co-ordinated project in April.
NAIF is a $5 billion facility set up as an initiative of the Australian Government to provide loans, which may be on concessional terms, to support and encourage infrastructure development in northern Australia.
NAIF will now work with CuString to undertake due diligence and the proponent will then be required to submit a satisfactory Investment Proposal to NAIF before any decision to provide financial assistance.