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Sun Cable shareholders commit another A$210 mil for A$30 bil cable to Singapore project

Bloomberg
Bloomberg3/14/2022 08:43 AM GMT+08  • 2 min read
 Sun Cable shareholders commit another A$210 mil for A$30 bil cable to Singapore project
Sun Cable plans to lay a 4,200-kilometer cable to supply enough electricity to meet 15% of Singapore’s energy demand
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Atlassian Corp co-founder Mike Cannon-Brookes and iron ore magnate Andrew Forrest have committed more cash to a A$30 billion ($29.8 billion; US$21.9 billion) project to export solar power from Australia’s Northern Territory to Singapore via an undersea cable.

Sun Cable completed a A$210 million Series B capital raising with existing shareholders to accelerate the progress of the Australia-Asia PowerLink, as well as other projects in its portfolio, the company said in a statement Monday. The raising was led by Cannon-Brookes’ investment group Grok Ventures and Forrest’s Squadron Energy.

Sun Cable plans to lay a 4,200-kilometer (2,600-mile) high-voltage cable to supply enough electricity to meet 15% of Singapore’s demand from a giant solar and battery complex deep in the Outback. The project also plans to supply power to the northern Australian city of Darwin from late 2026.

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