Northern Territory Airports Pty Ltd (NTAPL), a subsidiary of Airport Development Group (ADG) has reportedly been awarded a USD 300 million expansion bonus by the Northern Australia Infrastructure Facility (NAIF), an investment reported to be the largest financing ever made by the Federal body.

As per trusted sources, the Federal Government’s USD 5 billion worth of capital, will be covering half of the upgrade costs, while USD 150 million in loan would be granted to the airport for expanding its facility.

Sources cite that the investment would be used to develop the ADG owned Darwin International Airport’s cold storage and export hub. Further the fund would be utilized for constructing a solar energy farm at the Alice Springs, Darwin and Tennant Creek airports along with a multi-user, off-site battery located 80km from Darwin.

In addition, renovation would be undertaken at the Alice Springs Airport along with added lighting upgrades, claim sources.

As per Matthew Canavan, Minister for Resources and Northern Australia, the funding would effectively increase the region’s export produce capacity as the Federal push has led to the signing of a trade agreement with China, Japan, Korea and Indonesia, ultimately opening up opportunities for NT products in the northern markets.

According to a statement by Airport Development Group CEO, Ian Kew, their organization would work with the Federal Government in a bid to expand the airport’s export potential in the Northern Territory. The funds would be used to grow ADG’s reputation and to introduce bigger planes capable of carrying more tourists and regional products such as barramundi, mud crabs, melons and mangoes globally.

Nicole Manison, NT’s Deputy Chief Minister and Treasurer reportedly claims that the initiative would help NT reach its goal of adopting 50% of solar and renewable energy by 2030. Lower prices for delivering renewables would eventually open more opportunities in a secure and sustainable matter, Manison added.