ICAM Duxton Port Infrastructure Trust (IDPIT), the official arm of the Lucky Bay T-Ports port facility on South Australia's Eyre Peninsula is being refinanced by agricultural fund manager Merricks Capital.
Merricks, which launched the Merricks Capital Agriculture Credit Fund in June 2021, will provide $40 million to IDPIT through the deal.
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Lucky Bay is being developed as an alternative port and supply for grain and mineral exporters on the EP.
The facility includes a shallow-water port, grain storage bunkers and a self-discharging transhipment vessel which is used to transport grain from the port to the ocean-going vessel at sea.
IDPIT said it would play a strategic role in the agricultural supply chain as it provided cheaper, alternative direct export market access for commodity producers in South Australia and beyond.
Merricks Capital CEO, Adrian Redlich says the deal was a prime example of his business's strategic, hard asset backed lending strategy.
"Our investment represents the intersection of our strategy, capital and experience in financing strategically important agricultural supply chain assets," Mr Redlich said.
"We have been strongly supported by investors in our Agriculture Credit Fund and have significant capital available to deploy in 2022," he said.
Rob Chapman, IDPIT chair said the refinance will support the continued growth of T-Ports as it looks to attract more producers.
"T-Ports has been operating for almost two years and our Lucky Bay port has proven to be a supply chain partner for nearly 300 South Australian grain growers," Mr Chapman said.
"Our vision is to use the transhipment technology and shallow-water port model to unlock stranded resources and commodities nationally," he said.
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Gregor Heard
Gregor Heard is Fairfax Ag Media's national grains industry reporter, based in Horsham, Victoria. He has a wealth of knowledge surrounding the cropping sector through his ten years in the role. Prior to that he was with the Fairfax network as a reporter with Stock & Land. Some of the major issues he has reported on during his time with the company include the deregulation of the export wheat market, the introduction of genetically modified crops and the fight to protect growers better from grain trader insolvencies. Still involved with the family farm he is passionate about rural Australia and its people and hopes to use his role to act as an advocate for those involved in the grain sector. Away from work, he is a keen traveller, having spent his long service leave last year in Spain learning the language.
Gregor Heard is Fairfax Ag Media's national grains industry reporter, based in Horsham, Victoria. He has a wealth of knowledge surrounding the cropping sector through his ten years in the role. Prior to that he was with the Fairfax network as a reporter with Stock & Land. Some of the major issues he has reported on during his time with the company include the deregulation of the export wheat market, the introduction of genetically modified crops and the fight to protect growers better from grain trader insolvencies. Still involved with the family farm he is passionate about rural Australia and its people and hopes to use his role to act as an advocate for those involved in the grain sector. Away from work, he is a keen traveller, having spent his long service leave last year in Spain learning the language.
