Allens has closed the first funding of the Northern Australia Infrastructure Facility (NAIF).
The global firm acted for NAIF in its $16.8m financing of the Onslow Marine Support Base in Western Australia. Established under the Northern Australian Infrastructure Facility Act 2016, NAIF has $5bn available over the next five years to fund infrastructure investments that benefit northern Australia.
The Onslow project will cater to a range of onshore and offshore businesses in the Carnarvon Basin, including those in the logistics, fuel supply, waste management, and construction and maintenance sectors.
“Under the concessional long-term financing arrangements, NAIF will provide funding to the state of Western Australia, which will on-lend the funds as the lender of record. The financing includes intercreditor arrangements negotiated with the other lender,” Allens said.
The firm tapped its experience in innovative and complex project finance and government concessional loans to help establish a framework for NAIF financings, it said.
“The financing of the Onslow Marine Supply Base is a significant development for northern Australia and for government financing structures more broadly,” said lead partner Scott McCoy. “This will be the first of many important projects financed by NAIF. We look forward to continuing our work with NAIF as it deploys the rest of its capital across northern Australia.”
McCoy was supported by senior finance counsel Phillip Cornwell, senior associate Isabel Cropley, associate Katherine Ward, and graduate Thomas Geraghty.
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