Sun Cable bags USD 152m for massive Australia-Singapore solar link project

Sun Cable Pty Ltd secured AUD 210 million (USD 152.3m/EUR 139.1m) in a capital raising among existing shareholders to back its development portfolio of power generation and transmission projects, and notably its flagship project for a huge subsea power link between Singapore and Australia.

The renewable energy company is behind the AUD-30-billion Australia-Asia PowerLink (AAPowerLink) project whose goal is to import electricity into Singapore from a solar park of between 17 GWp and 20 GWp to be built in Australia’s Northern Territory. The complex will have also 36 GWh to 42 GWh of energy storage capacity.

Sun Cable said on Monday that the fresh capital has been raised from a Series B round led by Grok Ventures, billionaire Mike Cannon-Brookes' private investment company, and Squadron Energy, owned by iron ore magnate Andrew Forrest’s Tattarang.

“This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi gigawatt scale projects, and support the progress of key facilitating assets,” said David Griffin, Sun Cable’s founder and CEO.

According to the developer, exports envisaged under the project will cover up to 15% of Singapore's electricity demand. The Aussie power complex is to become operational after 2028.

The subsea survey permit and the proposed route for the AAPowerLink was given the nod by the Indonesian government last autumn.

(AUD 1.0 = USD 0.725/EUR 0.662)

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