A first capital raising of approximately $50 million has closed oversubscribed for Sun Cable’s project that plans to export solar PV electricity from the Northern Territory to Singapore.
Billionaires Twiggy Forrest and Mike Cannon-Brookes are among investors in on the ground floor of the Australia Singapore Power Link (ASPL) plan to supply the island state with a fifth of its power needs.
The project would ultimately cost billions, and includes a 15,000 hectare, 10GW solar farm, 22 gigawatt-hours of battery storage and a 3,000 kilometre long underseas power cable to take electricity to Singapore.
Media today reported that the Northern Territory government had awarded the project major project status, setting off the first stage of capital raising by Sun Cable.
Such a project has the potential to transform the territory and demonstrate the economic upside in converting Australia’s renewables potential into exportable electricity and green hydrogen.
Like it or not coal and LNG are on the way out as the world decarbonises, with renewables offering to replace the fossil fuels massive export earnings.
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