Investment sought for $1bn fund

THE Infrastructure Capital Group is searching for investments for the Northern Territory’s new $1 billion infrastructure development fund

The Sydney-based group recently invested in two wind farms.

THE Infrastructure Capital Group is searching for investments for the Northern Territory’s new $1 billion infrastructure development fund.

The group, which won the rights to manage the fund is considering a range of potential projects, including road and aquaculture. Projects replacing diesel generators with solar panels in indigenous communities is also on their radar. ICG doesn’t have any solar investments but has started to look at them as technology improves and prices drop.

The group also believes there might be opportunities to provide defence forces based in the NT with infrastructure such as power.

ICG announced in December last year it is hiring people to work for the fund and fitting out an office in Darwin.

The Sydney-based investment group, which is employee-owned, manages $1.7 billion in infrastructure assets.

These include recent acquisitions of two wind farms. In July last year it sold its interests in ANZ Stadium to the NSW Government.

The previous-CLP Government established the fund, which will operate as an independent public company, in 2015 to invest in NT-related infrastructure assets.

It made an initial investment commitment of $200 million from the sale of the Territory Insurance Office. ICG will not invest its own money in the NTIDF’s projects.

ICG managing director Tom Laidlaw suggested the group could work with the Federal Government’s $5 billion Northern Australian Infrastructure Facility. The NAIF is yet to fund a single project despite being operational since July last year.

‘‘I can see us and them working together to bring NT projects to fruition that might not otherwise make complete sense,’’ Mr Laidlaw said.