Sun Cable's Australian solar power export project deemed investment ready

An independent Australian government agency deemed a A$20 billion ($14 billion) solar power export ready for investment on Friday in a boost for its fund-raising efforts, as it inches toward becoming a supplier of renewable energy in the region.

An independent Australian government agency deemed a A$20 billion ($14 billion) solar power export ready for investment on Friday in a boost for its fund-raising efforts, as it inches toward becoming a supplier of renewable energy in the region. Singapore-based Sun Cable said Infrastructure Australia has affirmed the economic merit of its Australia-Asia Power Link project to supply solar power to Singapore and eventually Indonesia through the world's longest subsea high voltage cable.

"Today's announcement by Infrastructure Australia affirms that the (project) is economically viable and will deliver significant benefits for Australia and our region," Sun Cable Chief Executive Officer David Griffin said in a statement. Infrastructure Australia guides all levels of government on projects and reforms relating to infrastructure investments across the country.

The Australia-Asia Power Link project would consist of a 4,500-km (2,800-mile) cable linked to a 10-gigawatt solar farm, as well as an energy storage facility of up to 30 GWh in Australia's Northern Territory. Construction of the project, backed by Australian billionaires Andrew Forrest and Mike Cannon-Brookes among others, is expected to commence in 2024, with full operations aimed by 2029. ($1 = 1.4476 Australian dollars)