Billionaire Mike Cannon-Brookes is set to breathe new life into a groundbreaking project to export solar power from Australia to Singapore, Bloomberg reports.
Cannon-Brookes, the co-founder of Atlassian Corp., and his partner, Quinbrook Infrastructure Partners, have acquired the assets of the failed Sun Cable project, which had previously gone into voluntary administration following a dispute between Cannon-Brookes and fellow billionaire Andrew Forrest.
With this acquisition, Cannon-Brookes and Quinbrook gain control over a vast renewable energy development in northern Australia.
Reviving the Sun Cable Project
The Sun Cable Project aims to transport electricity from Australia to Singapore through a 4,200-kilometer (2,600-mile) submarine cable.
It is considered one of the initiatives that could help Asia's fossil-fuel-dependent economies transition to lower-emissions electricity sources.
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Singapore, in particular, with its limited space for major renewables sites, would greatly benefit from the project.
Cannon-Brookes expressed his belief in the potential of Sun Cable, stating, "We've always believed in the possibilities Sun Cable presents in exporting our boundless sunshine and what it could mean for Australia."
The new owners plan to move forward with a first-stage project that would deliver 900 megawatts of clean electricity to Darwin, Australia while exporting 1.8 gigawatts to Singapore.
What's Next?
The deal between Grok Ventures, Cannon-Brookes's investment firm, and Quinbrook includes:
- The intellectual property of the Sun Cable project.
- A solar farm site in the Northern Territory.
- Advanced permitting for a transmission line to Darwin.
Notably, construction work has yet to commence, and the exact details of the acquisition price remain undisclosed.
Andrew Forrest's Squadron Energy, another key investor in the project, had also submitted a proposal during the sale process. However, they did not submit a final bid and have expressed doubts about the commercial viability of exporting power to Singapore.
In a statement, Forrest, the founder of Fortescue Metals Group Ltd., said, "We remain unconvinced of the commercial viability of the Australia-Asia Powerlink, but if others believe it can be achieved, we wish them all the best."
What the Revival of the Sun Cable Project Means
The revival of the Sun Cable project represents a significant step towards advancing renewable energy solutions in the Asia-Pacific region.
The project's vision extends beyond just powering Singapore, as developers envision it as part of a potential super-grid that could connect countries from Japan to India.
By tapping into Australia's abundant solar resources and leveraging submarine cable technology, Sun Cable has the potential to transform the energy landscape in the region.
Cannon-Brookes's involvement in the project brings his expertise and financial backing, which could play a crucial role in overcoming the challenges faced by the previous administration. His success as the co-founder of Atlassian Corp., a leading software company, demonstrates his ability to drive innovative projects forward.
As the world grapples with the urgent need to address climate change and reduce greenhouse gas emissions, initiatives like the Sun Cable project offer a glimmer of hope.
Australia's vast solar potential, coupled with Singapore's energy demands, creates a unique opportunity to establish a sustainable and scalable energy supply chain.
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