Sun Cable raises A$210m to fund solar farm project with Singapore

SUN Cable has raised A$210 million (S$208.1 million) in a Series B round with existing shareholders to fund the development work of the Australia-Asia PowerLink (AAPowerLink) project, which aims to provide Singapore with renewable electricity by connecting the city-state to a solar farm Down Under.

The fundraising round was led by Grok Ventures and Squadron Energy. The capital raised is directed towards developing the world's largest intercontinental renewable power system, said the renewable energy company in a press release on Monday (Mar 14).

The project is expected to begin supplying electricity to Singapore in 2027 and is tipped to significantly cut the nation's greenhouse gas emissions and provide up to 15 per cent of its total electricity needs every year.

AAPowerLink is headed by Sun Cable with the participation of 5 industry giants, including Singapore's SMEC. It plans to connect the city-state via a 4,200 km subsea cable to a high-capacity solar generation, storage and transmission system that will store large volumes of renewable electricity from the solar farm in Australia's Northern Territory and transmit it to Darwin, as well as overseas markets like Singapore.

Sun Cable also said that it has developed unique intellectual property to "facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects".

The company's founder and chief executive David Griffin said the money raised in this Series B round would "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".

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