- Sun Cable has completed the first round of financing for its 10 GW solar and storage project in Australia
- Financing round oversubscribed with individual investors led by Mike Cannon-Brookes and wife Annie, & Andrew Forrest pooling in less than AUD 50 million together
- The money will be used by Sun Cable to fund the development work of the power link
Singapore’s Sun Cable that’s planning to build a gigantic 10 GW strong solar PV project with storage capacity in Australia has achieved financial closure for the first stage of investment. Local Australian media reports the amount raised is less than AUD 50 million ($34 million).
The investment has been secured from a group of individual investors led by including software business billionaire Mike Cannon-Brookes and his wife Annie who have put in their money through their family investment firm Grok Ventures. Another billionaire, this time from the mining industry, Andrew Forrest who is popularly known as Twiggy has also invested in the project through Squadron Energy.
Names of other investors for this round were not revealed, nor the exact amount raised; however, the round was oversubscribed. Sun Cable said it will use the proceeds for development work of the power link. Complete financial close is targeted to be achieved by late 2023.
The massive 10 GW project is foreseen to supply solar power to Darwin and Singapore through HVDC transmission line once its comes online in 2027. Sun Cable has contracted 5B Australia to provide its solar racking technology (see Australia’s 5B Tech Partner For 10 GW Solar Project).