Construction of Sun Cable’s Australia-Asia Power Link Project that targets to export power from Australia to Singapore, will begin in 2024, reported Bloomberg.
A final investment decision is expected in early 2024 and operations to commence in 2029.
Infrastructure Australia, the statutory body that advises the government on major projects, has classified Singapore-based Sun Cable’s $20.7bn project as investment ready.
Sun Cable chief executive officer David Griffin said: “This announcement by Infrastructure Australia affirms that the (project) economically viable and will deliver significant benefits for Australia and our region.”
This project in Australia’s Northern Territory is backed by Atlassian co-founder Mike Cannon-Brookes and iron ore billionaire Andrew Forrest.
Once operational, the project will see use of a 4,200km high-voltage undersea cable to export power from a 10GW solar farm and energy storage facility of up to 30GW in northern Australia, reported Reuters.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt is aimed at generating power for local use and sufficient electricity for export to cater to 15% demand of Singapore.
In March, this project secured a funding of A$210m.
It is expected to provide around 800MW of electricity to northern Australia.
————————————————————————————————————
Image: The project will see use of a 4,200km high-voltage undersea cable to export power from a 10GW solar farm and energy storage facility of up to 30GW. Credit: 9436196 from Pixabay.
