$516m loan for major solar and hydro project

PLANS for a large-scale Queensland solar and hydro project have been given a big boost, with the Northern Australia Infrastructure Facility agreeing to put forward $516 million in funding.

THE Northern Australia Infrastructure Facility has finally struck a deal to finance a Queensland energy project.

Genex Power announced it will get $516 million in funding from the NAIF for its large-scale solar and hydro project at Kidston in North Queensland.

Genex operates a solar project at the old Kidston gold mine and the NAIF will provide a long-term debt facility for more than 20 years, at concessional interest rates, for its second-stage project.

Stage 2 is the 250 megawatt Kidston pumped-storage hydro project and the integrated Kidston Solar Project of up to 270MW.

A third stage incorporates a wind project of up to 150MW.

The loan will secure the bulk of the project debt funding and is a significant milestone in the development of the Project.

The NAIF deal is subject to a number of conditions and customary terms for a project financing term sheet.