Sun Cable has turned to a trio of financial advisors as it looks to advance its multi-gigawatt solar-storage project to financial close by 2024.
Sun Cable, the developer behind the vast, multi-billion-dollar Australia-Asia PowerLink project planned for Darwin, has appointed Macquarie Capital, Moelis & Company and MA Financial Group as joint financial advisors for the project as it looks to progress towards operation.
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The advisors will be tasked with raising the more than AU$30 billion (US$20.4 billion) of capital required to fund the project which could combine as much as 20GWp of solar PV and 42GWh of energy storage.
Sun Cable hopes to reach financial close in 2024 and start construction shortly after, with a first phase currently slated for completion in 2027.
That first phase will supply electricity to Darwin first ahead of the facility becoming fully operational by 2029.
David Griffin, founder and CEO at Sun Cable, said the project has the “economies of scale needed to deliver zero emission dispatchable electricity” with reliability and price stability.
The appointment of financial advisors comes just weeks after the project was deemed investment ready by government agency Infrastructure Australia and months after the developer raised US$150 million in Series B funding to advance the project.