Renewable energy export vision another step closer

Sun Cable’s vision of developing a new green energy export industry for Australia has moved one step closer with news that its giant Australia-Asia PowerLink project has raised new capital.

Sun Cable has announced that it has completed an AU$210 million Series B capital raise with its existing shareholders to fund the development work of the company’s marquee project, the Australia-Asia PowerLink (AAPowerLink), as well as accelerate the progress of the company’s portfolio of multi-gigawatt generation and transmission projects.

Led by Grok Ventures and Squadron Energy (a wholly owned subsidiary of Tattarang), the capital raise will support Sun Cable’s development of the world’s largest intercontinental renewable power system, connecting Australia to Singapore, and its mission, to supply renewable electricity from resource abundant regions to growing load centres, at scale. Enabled by a team of over 80 experts, Sun Cable says it has developed unique intellectual property to facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects.

The company says that advances in renewable energy generation, energy storage and HVDC cable transmission technologies have made it commercially and technically viable to transmit renewable electricity over long distances.

Sun Cable’s Australia-Asia PowerLink project includes a 12,000-hectare Solar Precinct with 17–20 GWp solar generation and 36–42 GWh energy storage to enable 24/7 dispatchable electricity near Elliott, Northern Territory. An HVDC overhead transmission line will transmit 3 GW of electricity from the Solar Precinct to the Darwin region with 800 MW of renewable electricity capacity delivered to Darwin. From there a HVDC subsea cable will transmit electricity to Singapore over 4200 km through Indonesia, with 2 GW of capacity leaving Darwin.

“We have developed a world-leading capability in four short years,” said David Griffin, Sun Cable Founder and CEO. “We are thrilled to have materially strengthened our resources with the support of all of our shareholders, who are such strong advocates for our mission. 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.

“We are buoyed by the level of support from our investors and key stakeholders including governments, off-takers, suppliers and the communities in which we operate.”

“Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation, said Andrew Forrest, Chairman of Tattarang. “I’m proud to be a cornerstone investor in Sun Cable, its team and its vision. This capital raise is a critical step in developing the Australia-Asia PowerLink and I applaud Sun Cable realising this mission.”

Mike Cannon-Brookes, Principal of Grok Ventures, said: “This brings Australia one step closer to realising our renewables exporting potential. We can power the world with clean energy and Sun Cable is harnessing that at scale. It’s a blueprint for how we export energy across the world. We fully back this vision.”

Image: Sun Cable