Australian billionaires back an Australia-Singapore power supply gigaproject
- Two famous billionaires from Australia have been announced to invest dozens of millions of dollars in a development of a 10-gigawatt solar park with 20-30-gigawatt-hours of battery storage, with power supply destination in Singapore.
After the initial fundraising stage for the Sun Cable project, the names of two major investors have been disclosed: mining magnate and philanthropist Andrew Forrest as well as Mike Cannon-Brooks, a co-founder and co-CEO of Atlassian.
The solar field will be located next to Tennant’s Creek, central part of the Northern Territory (NT). It is already estimated as the biggest solar park currently developed worldwide. The facility will supply power to Darwin surroundings as well as to Singapore through a submarine power cable.
The venture has been referred to as crucial for increasing the amount of permanent jobs for local citizens. It has been called a “game-changer” for NT’s economy. About four months ago, the territory’s government rewarded the development a major project status. The officials hope the solar-and-storage array will finally help it escape the boom and bust scenario.
Sun Cable has reported oversubscription for the initial fundraising stage of the project. The capital raised amounts to dozens of millions dollars. The total venture’s value is estimated at US$14b. The developer predicts the project to be financially closed in about four years and the development to be completed in 2027.
