solar power

Australia gets into solar power export project: Clean energy makes money

Australia tends to become Promised Land for clean energy. It’s not all about climate – there is money too in clean energy. Australian software mogul Mike Cannon-Brookes is to be the chairman of solar power clean energy start-up Sun Cable. And since he is not a man who would pour money down the drain, it is expected solar power clean energy company Sun Cable to secure funds for a proposed more than $19.3 billion solar power export project.

Potential to use solar power for more clean energy

Sun Cable, based in Singapore, intends to supply solar power from Australia to Singapore and, eventually, Indonesia. The world’s longest subsea high-voltage cable will transfer the energy. The cable will connect a 17-20 gigatonne solar farm and a 42 gigatonne energy storage facility in Australia’s Northern Territory.

Cannon-Brookes, who is a co-founder of project management software maker Atlassian, is a Sun Cable investor since 2019. He said media that he was “thrilled” to join the solar energy company, which has yet to start construction on the 4,200 km undersea cable.

Australia to be the global leader in clean sun energy

Australia has the potential as well as the ability to be a global leader in clean energy exports. Sun Cable, according to Cannon-Brookes, is at the vanguard of transforming Australia into a renewable energy superpower.
Sun Cable CEO David Griffin referenced Cannon-Brookes’ experience in rapidly scaling a business to a worldwide scale.

Infrastructure Australia, an independent body tasked with evaluating infrastructure projects, gave the project an “investment ready” stamp in June. Iron ore magnate and Fortescue Metals founder Andrew Forrest also support the project.

Construction should begin in 2024, and the functioning will start in 2029.

Sun Cable already appointed Macquarie Capital, Moelis & Co, and MA Financial Group as its financial advisers. They expect the project completion in early 2024.

Cannon-Brookes’ environmental activism recently made waves in corporate Australia. Especially when he attempted earlier this year to buy AGL. By the way, AGL is Australia’s largest electricity generator, and Cannon-Brookes is to speed up the closure of its coal-fired power plants by a decade.