- Sun Cable’s AAPowerLink project has secured investment-ready status from the federal government’s Infrastructure Priority List
- It confirms the project’s estimated economic benefits and value creation for local communities
- Sun Cable expects to break ground on site in 2024, soon after it targets to achieve financial closure in the beginning of that year
The world’s largest planned solar, storage and transmission project Australia-Asia PowerLink (AAPowerLink) with up to 20 GW solar PV capacity, has reached a major milestone of being ‘investment-ready’ on the Australian government’s Infrastructure Priority List.
Projects considered nationally significant make it to the Infrastructure Priority List, which means this investment ready status confirms economic benefits of AAPowerLink, delivering best value for local communities. AAPowerLink has been accorded stage 3 readiness, meaning it has already cleared early-stage and potential investment options stage.
“The AAPowerLink will enable a stronger economy for the long term through contracts, wages and economic diversification. It will spur enhanced capacity and skills in the construction and technology sectors as a result of jobs and training over the lifetime of the project, and pave the way for new green industries to be established, and to thrive,” explained Sun Cable Founder and CEO David Griffin.
According to the company, the project is expected to achieve financial closure by 2024 beginning and start construction the same year. To Darwin region, it plans to start supplying electricity from 2027 onward from Barkly region in the Northern Territory (NT), and achieve full operations by 2029 when electricity will be supplied to Singapore via subsea cables.
Backed by Australian billionaires Andrew Forrest and Mike Cannon-Brookes, the AAPowerLink project estimated to cost over AUD 30 billion, and promises to bring AUD 2 billion annual export revenues to the country from 2028. It will also create 14,000 direct and indirect jobs.
“The NT Government is aiming for an AUD 40 billion economy by 2030 to accelerate jobs and population growth. Projects like Sun Cable’s Australia-Asia Power-Link are exactly the sorts of projects which will help us get there,” added NT Chief Minister Natasha Fyles.
In May 2022, the NT government passed a legislation facilitating the project to move forward (see 20 GW Australian Solar Project Moves Forward).