Alpha’s ambition for a new refinery would transform alumina feedstock into HPA through a carbon-efficient, proprietary solvent extraction process. Securing project funding involved a number of challenges, requiring KPMG to navigate a path toward the required financial backing.
About the client
Client: Alpha HPA Limited
Project: Powering Australia's Manufacturing Future with Green Energy Innovation
Location: Queensland
Sector: Mining
Services: Cost optimisation
What was needed
Alpha HPA Limited (Alpha) is leading the next generation of critical minerals manufacturing in Australia through the greenfield development of the world’s largest single-site high purity aluminium (HPA) products refinery project in Gladstone, Queensland, but it required guidance to achieve necessary financing.
What we did
We guided Alpha through the complexities of a greenfield project finance debt raise, helping the company secure $400 million in funding for its ambitious HPA refinery project. Along the way, we helped Alpha navigate a series of challenges relevant to the debt raise: introducing innovative solvent extraction techniques for HPA production, ensuring lenders were confident in managing the scale-up and commercialisation risks; and securing the necessary financial backing.
Our team of expertsspecialists helped Alpha skilfully tackled intricate environmental and technical due diligence, bolstering the project’s ESG credentials and demonstrating its broader benefit to the Australian public.
In a high-inflation environment, where rising capital costs were a major concern for lenders, we helped Alpha navigate these economic hurdles to successfully raise the project debt, ensuring the vision for the world’s largest high purity aluminium refinery could become a reality.
How did we meet those challenges or bring opportunities to life?
What we delivered
- As a result of the work delivered, Alpha was able to announce in April 2024 the conditional approval of $400 million in debt facilities, a pivotal milestone in the development of its world-leading HPA refinery project. By this time, the company’s market capitalisation had surged to around $1 billion. The debt deal was executed and reached contractual close in December 2024.
- The debt facilities were secured through a strategic partnership with the Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia (EFA), marking a significant achievement as the second-ever investment under the Australian Government’s $4 billion Critical Minerals Facility.
- Securing concessional government lending was a game changer, enabling Alpha to overcome the unique financing hurdles of this innovative project and bring its cutting-edge products to market. The successful completion of this project will not only strengthen Australia’s manufacturing capabilities but also accelerate the global deployment of green energy technologies.
Find out more
Get in touch to find out how KPMG can help your organisation secure funding and navigate economic hurdles.
