Grok Ventures, owned by billionaire Mike Cannon-Brookes and his wife Annie, and Squadron Energy, owned by mining magnate Andrew Forres, have each invested in the project company Sun Cable Pte Ltd through an oversubscribed capital hike that seeks to fund the early development of the 10 GW Australia-Singapore Power Link (Sun Cable project).
Sun Cable has secured about AUD50 million (US$34 million) in investment for the AUD20 billion (US$13.954 billion) project.
The project involves the construction of a solar complex near the Tennant Creek in Australia's Northern Territory. It will also consist of about 22 GWh of energy storage capacity. The generated power will supply both Darwin and Singapore via a High Voltage Direct Current (HVDC) cable.
The project is expected to achieve financial close by late 2023 with an expected commissioning by 2027.
Country updates
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December 05, 2019
NSW approves development of 90 MW solar project by Lightsource Development
The Government of New South Wales has approved the development of the 90 MW West Wyalong solar project proposed by the Lightsource Development Services Australia Pty Ltd, a unit of Lightsour...
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December 02, 2019
1414 Degrees acquires CST project in Australia
Australian thermal energy storage company 1414 Degrees plans 400 MW solar PV farm with innovative progressive storage capacity to several thousand MWh in place of Aurora project it is set to acquire f...
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November 29, 2019
J-Power to invest in Genex's 250 MW K2 pumped storage hydro project in Queensland
Electric Power Development Co Ltd, known as J-Power, is set to invest through an equity stake acquisition in the 250 MW K2 pumped storage hydro project in Queensland owned by Genex Power.&nb...
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November 29, 2019
AECOM signs contract for 2 GW offshore wind project development in Victoria
Infrastructure group AECOM has secured a contract for the planning and development of a 2 GW offshore wind project in Australia. The Star of the South wind project will be developed off the coast of...
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November 28, 2019
Tilt Renewables wins court battle for 300 MW Palmer Wind Farm in Adelaide
Tilt Renewables has been delivered the judgment of the Supreme Court upholding the decision of the Environment, Resources and Development Court (ERD) to approve the Palmer Wind Farm project. The Palm...
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