During the initial review phase, we will evaluate your project against our mandatory eligibility criteria. If we conclude that the project meets, or has the potential to meet these criteria, we will undertake a Strategic Assessment, evaluating your project against our strategic assessment considerations. For eligible projects, we will prepare a Strategic Assessment Paper (SAP) and present it to NAIF's investment review bodies. 

If the SAP is endorsed by our Board, we commence more detailed assessments as part of our due diligence. During this stage, your Investment Director will invite you to start writing your Investment Proposal.

When submitting an Investment Proposal, you should include information that NAIF may require to undertake due diligence, and for our Board to make an Investment Decision. The due diligence process involves project, credit risk, environmental and social analyses, as well as [independent/expert] reviews of the technical and market aspects of the project, relevant to making an Investment Decision.

Investment Proposal Guideline

Format and Information Requirements

Definitions in NAIF’s Investment Mandate apply throughout this guideline.

The Investment Proposal should be provided to NAIF in the format of a comprehensive information memorandum that includes but is not limited to the detailed information sections set out below. 

Project proponents should ensure that each of the relevant mandatory requirements and strategic assessment considerations set out in the Investment Mandate and NAIF Act are addressed. The Investment Proposal should include cross-references to the listed requirements, clearly indicating where each NAIF requirement and consideration is addressed.

The following sample Investment Proposal format is intended to provide guidance to project proponents. NAIF has the discretion to accept an Investment Proposal in an amended or altered format from the template, subject to, and depending on, the circumstances of a particular project or project proponent. 

Your Investment Director will provide tailored guidance on the content of the Investment Proposal for your specific project.

Investment Proposal Content

Project Details

1. Project Introduction
   Provide a high-level overview of the project, its purpose, objectives, and expected outcomes. Provide details of the project location, including a map, and details of land tenure arrangements. Highlight the strategic relevance to northern Australia.
2. Project Proponents, Sponsors and Participants
   Detail all key stakeholders involved in the project, including ownership structures, management team and board profiles, and details of any other relevant parties or relationships.
3. Project Feasibility Studies
   Outline all technical, commercial, legal, and environmental feasibility assessments conducted to date. Include supporting studies or reports.

Financial Information & Support Sought

4. Funding Plan and Capital Structure
   Explain how the project will be financed. Include equity contributions, other debt funding sources, and expected financial returns. Include a sources and uses table and an excel financial model that incorporates the business case, debt functionality and ability to sensitise assumptions. Include a funding structure diagram.
   
5. Requested NAIF Support
   Clearly state the financial assistance sought from NAIF, including the proposed loan amount and its purpose.
6. Requested Loan Concessions
   Identify any concessional terms being sought, such as interest rates, tenor, or repayment grace periods.
7. Proposed High-Level Term Sheet
   Provide a draft outline of expected financing terms, including conditions precedent, repayment structures, covenants, and securities.

Risk Analysis

8. Project Finance Risk Analysis
   Assess key financial risks, including revenue sensitivity, cost overruns, exchange rate exposure, and mitigation strategies.
9. Project Risk Assessment
   Identify broader project risks including legal, operational, market and stakeholder risks.
10. Project Technical Risk Assessment
    Discuss technical challenges, construction risks, and mitigation strategies.

Project Execution

11. Key Arrangements and Appointments
    Describe contractual frameworks, delivery models, and appointments of contractors, advisors, and other key parties.
12. Environmental and Social (E&S) Analysis
    Provide an Environmental and Social Impact Assessment. Include regulatory compliance, mitigation strategies, and community consultation.
13. Project Approval Status
    Detail the status of all required permits, planning approvals, and timelines for securing outstanding authorisations.
14. Timeline
    Provide a development and financing timeline.

Strategic Alignment

15. Industry Assessment
    Evaluate the market in which the project operates. Discuss competitive positioning and alignment with regional development goals.
16. Compliance with NAIF Mandatory Eligibility Criteria
    Use this section to cross-reference each NAIF eligibility requirement with supporting sections in the proposal.
17. Identified Infrastructure Need
    Demonstrate how the project addresses a genuine infrastructure gap or need in northern Australia.
18. Australian Industry Participation (AIP) Plan
    Outline how your project supports local industry participation and supply chain involvement.
19. Building and Construction WHS Accreditation Scheme (as applicable)
    If applicable, detail how your project complies with national Work Health and Safety Accreditation requirements.
20. Other Relevant Information
    Include any additional materials or context relevant to NAIF’s consideration of your proposal.

Summary

21. Project Summary and Final Considerations
    Summarise key elements of your proposal, highlighting project strengths, strategic alignment with NAIF objectives, and anticipated community benefits.

Ensure that each requirement from the Investment Mandate and NAIF Act is addressed, using cross-references to the relevant sections of your submission.

Note: This format serves as a guide. NAIF may accept variations based on the specific context of a project. If clarification is required, speak to a member of our Investment Team.