By James Thornhill (Bloomberg) Atlassian co-founder Mike Cannon-Brookes and iron ore magnate Andrew Forrest have committed more cash to a A$30 billion ($21.9 billion) project to export solar power from Australia’s Northern Territory to Singapore via an undersea cable.
Sun Cable completed a A$210 million Series B capital raising with existing shareholders to accelerate the progress of the Australia-Asia PowerLink, as well as other projects in its portfolio, the company said in a statement Monday. The raising was led by Cannon-Brookes’ investment group Grok Ventures and Forrest’s Squadron Energy.
Sun Cable plans to lay a 4,200-kilometer (2,600-mile) high-voltage cable to supply enough electricity to meet 15% of Singapore’s demand from a giant solar and battery complex deep in the Outback. The project also plans to supply power to the northern Australian city of Darwin from late 2026.
The company now has sufficient funding to take it to financial close on the project by the end of 2023, David Griffin, Sun Cable’s chief executive officer, said in a phone interview. A formal process was underway with Singapore’s Energy Market Authority to obtain necessary import licenses, Griffin said, adding that he expected progress on that front by the end of this year.
“This brings Australia one step closer to realizing our renewables exporting potential,” Cannon-Brookes said in a statement. “We can power the world with clean energy and Sun Cable is harnessing that at scale.”
Cannon-Brookes has been a vocal campaigner for the clean energy transition in Australia, which still gets around 60% of its power from coal, teaming up with investment giant Brookfield last month in a failed bid for generation company AGL Energy Ltd. The partners had planned to accelerate the closure of AGL’s coal-fired plants and replace them with renewables.
Forrest is looking to transform his iron-ore empire into a major clean energy producer over the next decade and has been scouring the planet for opportunities to invest in renewables and green hydrogen projects. © 2022 Bloomberg L.P.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,128 members that receive our newsletter.
Have a news tip? Let us know.
Energy giant Eni and global shipping leader MSC Group have signed a groundbreaking memorandum of understanding to advance their joint pursuit of sustainable shipping and energy transition initiatives. The collaboration...
Wind-assisted propulsion is making substantial inroads into the gas-carrier segment with two groundbreaking projects. Norsepower and IINO LINES have successfully installed two Rotor Sails™? on the Very Large Gas Carrier...
The 2017-built Maersk Halifax has become the first large containership to be converted to methanol fuel, Maersk announced on Monday. The extensive retrofit operation, which concluded at the end of...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,128 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
