Macquarie Bank to advise on synchrotron

Macquarie Bank has been appointed as financial adviser to the Victorian government's $157 million synchrotron project.

The bank, which is also the financial adviser to the government funded Biocomm Services, won out over seven tender applications for the contract.

Innovation Minister John Brumby said the appointment was another step towards the highly anticipated facility becoming a reality.

"The Australian Synchrotron Project is a key part of the Bracks government's Innovation portfolio, and will enable Victoria to capitalise on its emerging strengths in areas such as biotechnology, pharmaceuticals, environmental sciences and advanced manufacturing," Brumby said.

He said Macquarie's brief would include financial models covering "whole of life" costs of the project, the identification of potential users and commercial opportunities, risk profiles, funding options, private sector involvement and governance.

"The Australian Synchrotron Project is at a critical pre-construction phase, where careful and methodical planning is essential to ensure that future design and construction proceeds smoothly," Brumby said.

Last month, the minister announced site works would begin in September, with construction set to commence next year and the project pegged for completion in 2007.

Brumby said the appointment was the latest in a series of steps, which included the naming of Garry Seaborne as project director, the appointment of probity advisers and the establishment of international and national expert committees to help guide development of the facility.