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.
