Rich-list solar farm wins federal support
The world’s biggest solar farm backed by Mike Cannon-Brookes and Andrew Forrest wins major project status from the Morrison government.
The world’s biggest solar farm worth $22bn and backed by Mike Cannon-Brookes and Andrew Forrest has won major project status from the Morrison government, fast-tracking approval hurdles as it targets exporting electricity from the Northern Territory to Singapore by a subsea cable.
The tech mogul and iron ore billionaire are joint lead investors for the venture which aims to send 10 gigawatts of power from the world’s largest solar farm near Tennant Creek to Darwin and then Singapore via a 4500km high-voltage direct current cable, creating a $2bn annual renewable export industry.
The project will create 1500 construction jobs and 350 ongoing roles in Australia with $8bn of the $22bn investment to be spent locally.
“It’s a strong statement to all Australians that despite the immediate challenges of the COVID-19 pandemic we will come out the other side stronger and industry is still investing in opportunities that will drive our economic recovery and create much needed jobs,” Minister for Industry, Science and Technology Karen Andrews said.
Gaining major project status gives Sun Cable support from the Major Projects Facilitation Agency and support with both Commonwealth government, state and territory approvals. The NT government also awarded the development major project status on July 20 amid hopes it will give a major boost to the nation’s renewable investment which has taken a hit in the last year.
“It is a significant milestone for the Australia Asean Power Link, which will see Australia become a world leader in renewable electricity trade, generating approximately $2 billion worth of exports for Australia annually,” Sun Cable chief executive David Griffin said.
The development - which is expected to also include a giant battery storage facility near Darwin - aims to reach financial close by late 2023 and has previously secured some interest among electricity retailers in Singapore.
Mr Forrest, chairman of major iron ore producer Fortescue Metals Group, invested through his Squadron Energy unit which is also backing Australia’s first gas import plant in Port Kembla.
Mr Cannon-Brookes, co-founder of Atlassian and an increasingly influential figure in renewable energy - has hailed the power of divesting from fossil fuels and rejected an argument made by Microsoft co-founder Bill Gates that climate activists were wasting their time lobbying investors over the issue.
Australia could create a million new jobs through backing renewable energy with new transmission lines and the creation of a new manufacturing industry, a think tank backed by Mr Cannon-Brookes said in June.
The plan is based on building 90 gigawatts of solar and wind energy and harvesting that through the economy. It argues 10 new transmission lines connecting renewable energy projects in regions like the Pilbara and Northern Territory could create thousands of new jobs.
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