NT Cattlemen call out SunCable’s $40 billion solar energy plan after funding questioned

A key NT stakeholder in a massive renewables project has questioned its viability and called for more certainty before its members get on board. Read the latest.

A key stakeholder in the rollout of the world’s largest renewable energy project has raised concerns about its viability and benefit to Territory electricity users, while raising doubts about future involvement in the development.

NT Cattlemen’s Association chief executive Romy Cary said SunCable’s $40bn Australia-Asia PowerLink project remained shaky after a fundraising drive reportedly fell short.

The Australian newspaper reported last week that SunCable had failed to secure funding in its $US100 million ($154 million) capital raising.

The report quoted sources who told The Australian there had been “limited interest from outside financiers in stumping up money for the project”.

NT Cattlemen’s chief executive Romy Carey.

SunCable dismissed the report, saying it is “funded” but NT Cattlemen, who are central to the green energy project gaining land access, say they are concerned at the ambitious project’s viability.

“The Northern Territory Cattlemen’s Association is concerned by the continued financial uncertainty surrounding SunCable, following yet another failed fundraising attempt,” Ms Carey said.

“Despite not securing the capital required to progress the project, SunCable continues to actively engage with landholders, seeking access agreements and disrupting existing business operations.

“This approach is premature and deeply problematic. Landholders are being asked to make long-term commitments to a project that has not demonstrated financial viability or provided meaningful detail on the benefits to the Territory.

SunCable has a broad vision to supply solar electricity to Singapore.

“The NTCA is concerned by the growing pattern of large-scale infrastructure projects traversing the Northern Territory without delivering clear or lasting benefits to the region.

“In the case of SunCable, there remains no articulated pathway for how the project will contribute to reducing power prices for Territorians, despite its significant footprint and potential impact on local landholders, businesses and communities.”

In a statement, a SunCable spokeswoman said it would continue to work with NT cattlemen and that the Australia-Asia PowerLink was funded “to progress development activities”.

“SunCable is funded to progress project development activities,” she said.

“SunCable has been working with the NT Cattlemen’s Association as the peak body that represents the majority of pastoralists in the Northern Territory.

“SunCable will continue to work with all peak bodies, as they play an important role representing key stakeholder groups.

“The capital raise is going well and we have had strong interest from multiple investors.

“We are well progressed with several parties, including investors who will bring the capabilities to accelerate the development of the project.

“More information will be announced in due course, and we continue to work towards our next project milestone.”

Backed by billionaire Mike Cannon-Brookes, the AAPowerLink project plans to harness solar energy from a 12,000 hectare solar farm to be built near Tennant Creek.

The energy would be stored and delivered to markets in Singapore by a 4300km high voltage direct current cable.

SunCable senior management declined an interview request.

Originally published as NT Cattlemen call out SunCable’s $40 billion solar energy plan after funding questioned