Australia’s Sun Cable solar storage project deemed investment ready
A project in Australia that could feature up to 17-20 GWp of solar power and 36-42 GWh of energy storage has been classified as investment ready by a government agency.
Sun Cable, the company behind the Australia-Asia PowerLink (AAPowerLink), said Infrastructure Australia had confirmed the economic merit of the project, which will transmit renewable electricity from the Barkly region of the Northern Territory in Darwin and Singapore.
The announcement “affirms that the AAPowerLink is economically viable,” said David Griffin, CEO and founder of Sun Cable.
Financial close for the project is expected to be reached in 2024, when construction work will also begin, with full operations scheduled for 2029, when approximately 2 GW of electricity will be transmitted to Singapore via HVDC submarine cables.
After receiving approval from Indonesian authorities last year for its proposed transmission cable route through the country’s waters, Sun Cable has since secured backing from Australian billionaires Mike Cannon-Brookes and Andrew Forrest as part of the A$210 million (US$152 million) Series B. funding cycle.
The AAPowerLink will be able to supply up to 15% of Singapore’s total electricity needs, according to Sun Cable, which said advances in renewable energy generation, energy storage and transmission technologies by HVDC cable have made the transmission of renewable and dispatchable electricity commercially and technically viable. over long distances.
In addition to exports to Singapore, the project will provide 800 MW of renewable electricity capacity for consumption in Darwin.
Northern Territory Chief Minister Natasha Fyles said the project “will position the territory as a powerhouse of renewable energy”.
A consortium working on the project includes engineering firm Bechtel, engineering and design consultancy SMEC, engineering and project management firm Hatch, risk advisor Marsh and consultancy firm PwC Australia. .
Sun Cable said the AAPowerLink will provide A$8 billion (US$5.5 billion) of investment in Australia as well as A$2 billion in annual export revenue to the country from 2028.