Squadron Energy has jointly led a AUD210 million Series B capital raise for Sun Cable to fund the development work of the Company’s marquee project, the Australia-Asia PowerLink (AAPowerLink), and accelerate the progress of the Company’s portfolio of multi gigawatt generation and transmission projects.
Written by Squadron Energy |
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The Series B round, raised from existing shareholders, will support Sun Cable’s mission to build the world’s first intercontinental renewable power system, connecting Australia to Singapore to supply renewable electricity to the Indo-Pacific region.
Enabled by a team of more than 80 experts, Sun Cable has developed unique intellectual property to facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects.
Sun Cable’s flagship project, the AAPowerLink will harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore via a high voltage direct current (HVDC) cable transmission system.
Dr Andrew Forrest AO, Chairman of Tattarang, said Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation.
“I’m proud to be a cornerstone investor in Sun Cable, its team and its vision,” Dr Forrest said.
“This capital raise is a critical step in developing the Australia-Asia PowerLink and I applaud Sun Cable realising this mission.”
David Griffin, Sun Cable Founder and CEO, said the company has developed a world leading capability in four short years.
“We are thrilled to have materially strengthened our resources with the support of all of our shareholders, who are such strong advocates for our mission,” Mr Griffin said.
“This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi gigawatt scale projects, and support the progress of key facilitating assets.
“We are buoyed by the level of support from our investors and key stakeholders including governments, offtakers, suppliers, and the communities in which we operate,” he said.