AUZ Funding, page-431

"There is nothing the prevents a project being 100% funded by debt.
On that basis, the project could potentially be more than 50% by NAIF"

db - your first sentence is correct, but not the second.

You have to read NAIF's ability to provide up to 100% of debt funding in conjunction with Clause 12(d) of its Investment Mandate (Northern Australia Infrastructure Facility Investment Mandate Direction 2018), which states:

"its due diligence also identifies the total exposure of the Commonwealth to a project so as to prevent the Commonwealth overall having the majority financial risk in a project"

https://www.legislation.gov.au/Details/F2018L00567

In other words, the NAIF (and any other Commonwealth Government support) must collectively be under 50% because anything over 50% is, by definition, taking on a 'majority financial risk'.

So, based on Clause 12(d), a 100% debt funded project can only receive a max of 49.99% funding from NAIF.