Sun Cable raises $152.3 capital for Australia-Asia power system

The project is the largest intercontinental renewable power system.

Australian renewable energy firm Sun Cable has completed the $152.3m (A$210m) Series B capital raise for the funding of the Australia-Asia PowerLink (AAPowerLink), which is the largest intercontinental renewable power system.

The project will harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore through a high voltage direct current (HVDC) cable transmission system, the company said in a statement. 

“This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi gigawatt scale projects, and support the progress of key facilitating assets,” Sun Cable Founder and CEO David Griffin said.

The capital raise was led by Grok Ventures and Squadron Energy, a fully-owned subsidiary of Tattarang.

AAPowerLink project includes a 12,000-hectare Solar Precinct with 17 to 20 gigawatt-peak energy storage which will allow 24/7 dispatchable electricity near Elliot in Northern Territory.

The HVDC Overhead Transmission line will transmit three gigawatts (GW) of electricity from the Solar Precinct to the Darwin region with 800 megawatts of renewable electricity that can be delivered to Darwin.

It also added that the HVDC subsea cable will transmit electricity to Singapore which is around 4,200 kilometres through Indonesia. It has a 2GW capacity leaving Darwin. 

$1 = A$1.38