Sun Cable closes US$ 150m Series B to fund its 20GW Australia-Singapore subsea cable project

• Sun Cable has actually closed a AU$ 210 million (US$ 152 million) Series B raise with their existing shareholders to fund the development of its Australia-Asia PowerLink (AAPowerLink) subsea cable project.

AAPowerLink project is a 20GW PV plant with 36-42GWh of energy storage that disperses power to Darwin on the north coast of Australia, along with to Singapore via a 4,200 km high voltage straight current (HVDC) subsea cable that will certainly pass through Indonesia.

A scaled-down version of the project was conceived in 2019 as well as obtained the support of two popular Australian billionaires-- Atlassian founder Mike Cannon-Brooks and also mining magnate Andrew Forrest via Squadron Energy.

In 2014, the AU$ 30 billion export project was granted priority standing by advisory group Infrastructure Australia as well as got authorization for its path by Indonesian authorities, clearing a significant obstacle to its development.

The raise announced today was led by Grok Ventures and also Squadron Energy, an entirely had subsidiary of Australian investment company Tattarang, as well as other previous financiers.

" This capital raising will enable the shipment of sustainable solar energy from Australia to Singapore, advancement our various other multi gigawatt scale projects, and also support the development of vital facilitating assets," stated David Griffin, Sun Cable founder as well as CEO.

" We are buoyed by the level of support from our capitalists and crucial stakeholders including governments, offtakers, distributors, as well as the communities in which we operate."

Andrew Forrest, chairman of Tattarang, called the raise a "vital action" in the advancement of the AAPowerLink project and said Sub Cable's vision will "transform Australia's capability to become a world-leading generator and exporter of eco-friendly electricity and also enable decarbonisation."

Found near the town of Elliott in Australia's Northern Territory, AAPowerLink will be spread over 12,000 hectares and will transfer 3GW of power from the site to the Darwin area, with 800 MW supplied to the city of Darwin itself.