Singapore energy company Sun Cable has received around A$50m (US$34m) in financial support from two Australian billionaires in its plans to develop a A$22bn (US$15bn) solar, storage and power transmission project in Australia. The funds will help cover the costs of designing the project and obtaining regulatory and environmental approvals.
In July 2019, the company started negotiations with the government of Northern Territory (Australia) for its energy complex that would consist in a 10 GW solar park in Tennant Creek, a 22 GWh battery storage facility and a 4,500 km long power transmission line to supply power to Singapore. The proposed Australia Singapore Power Link, which has secured the "major project status" from the Northern Territory government, would cover nearly 20% of the electricity consumption of Singapore, reducing the country's dependence on LNG imports.
Sun Cable expects to reach financial close for the entire project by the end of 2023.