Sun Cable has received AUD 50 million to support the solar cable from Australia to Singapore
Post date: 22/11/2019 - 10:50
Singapore energy company Sun Cable has received around AUD 50 million (USD 34 million) in financial support from two Australian billionaires in its plans to develop a AUD 22 billion (USD 15 billion) solar, storage and power transmission project in Australia. According to French consultancy Enerdata, the funds will help cover the costs of designing the project and obtaining regulatory and environmental approvals.
As reported, in July 2019 Australia’s Northern Territory has given »major project status« to the company’s energy complex that would consist in a 10 GW solar park in Tennant Creek, a 22 GWh battery storage facility and a 4,500 km High Voltage Direct Current (HVDC) cable to supply power from Darwin to Singapore. Sun Cable expects to reach financial close for the entire project by the end of 2023, says Enerdata.
The proposed power link would provide a fifth of the island nation’s electricity consumption, reducing the country's dependence on LNG imports.