Sun Cable’s AAPowerLink takes step forward with Grok acquisition
The Australia-Asia solar cable, poised to be the world’s biggest renewable energy project, has taken a step forward after a meeting in Darwin this week.
Northern Territory
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A major project poised to be Australia’s biggest renewables energy operation has taken a step forward.
Sun Cable proponents Grok Ventures and Quinbrook Infrastructure Partners met with Chief Minister Natasha Fyles in Darwin on Tuesday ahead of Grok, owned by Mike Cannon-Brookes, formally acquiring the company.
The asset sale agreement is expected to complete in early August.
It comes after Mr Cannon-Brookes made a winning bid for control over the $30bn project in May, signalling the end to the billionaires’ tussle and Andrew ‘Twiggy’ Forrest’s involvement.
The Australia-Asia PowerLink is Sun Cable’s flagship project that plans to develop the world’s largest solar farm and battery storage, running a 4200km undersea cable from the Barkly region to Darwin and Singapore.
Grok Ventures, a foundation investor in Sun Cable, will become majority owner of the AAPowerLink project when the sale completes.
Quinbrook Investment Partners are the development services partner and will direct the delivery of the onshore component, while Sun Cable will continue to lead the project’s execution.
AAPowerLink is expected to deliver at least 800 megawatts of zero emissions electricity to the NT and 1750MW to Singapore.
Sun Cable Australia chief development officer Mark Branson said the company would continue to progress both the onshore and offshore components of the “nation-building project” to a final investment decision.
“The AAPowerLink is the first renewable energy project of this scale in the Northern Territory and will deliver multiple GW of firmed green power to advance a new wave of green industrial development in the NT and create a renewable energy export market for Australia,” he said.
“We look forward to continuing work with the government, customers and local stakeholders to deliver on Sun Cable’s ambitious renewable energy projects.”
Ms Fyles said the AAPowerLink would help the Territory get to its ambitious $40bn economy by 2030 goal.
“The AAPowerLink project will position the Territory as a renewable energy powerhouse – powering Territory industries with Territory sunshine, creating new permanent jobs, and establishing a new export industry,” she said.
“With greater clarity over the project’s direction, the Territory Labor government is committed to completing the project for the benefit of our community and local suppliers, and securing ample supply of renewable power for the Territory.”
Sun Cable was placed into voluntary administration in January after Mr Cannon-Brookes and Dr Forrest clashed over funding, management and direction of the company.
The Darwin-Singapore cable would be more than five times longer than the largest undersea link ever constructed.
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