It’s a time of mixed blessings

AS IS often the case with the news agenda, today’s is bittersweet.

News broke early yesterday morning that telco giant Telstra would axe 8000 employees in a giant company overhaul.

Up to 400 employees in Townsville face an uncertain future as they wait to hear how those cuts might impact them.

Within a few hours, however, the maligned Northern Australia Infrastructure Facility announced its support for our region, saying it backed a $ 516 million loan for a major renewable energy project which could create hundreds of jobs.

While NAIF is yet to make a final decision on the project, the news is positive.

Genex Power’s Kidston project may be 270km north of Townsville but locals are likely to have the opportunity of getting those jobs and the economy would benefit from the construction of the second stage of the solar and hydro project.

The port and the logistics and transport companies will also reap rewards from this major development.

The North Queensland energy landscape is changing.

If you drive to the north, south or west of Townsville, you’re likely to see a myriad of solar panels or the building blocks of other renewable energy projects.

The beauty of the Kidston project is that, on the site of an old gold mine, it will combine solar with hydro.

It’s like a smaller version of the Snowy Mountains Scheme but instead of using power from the grid, Kidston is powered by Genex’s own solar farm.

That it has its strongest indication of support yet to start stage two is good news for our region.

NAIF has been rightly criticised for its painfully slow decision making.

This could be the third project to receive a loan pledge and it would be for the largest sum of money to date. But for NAIF to do its job, it’s crucial now that the money starts to flow to allow Northern Australia to move ahead with these sorts of game- changing projects.