Sun Cable closes US$150m Series B to fund its 20GW Australia-Singapore subsea cable project

Facebook
Twitter
LinkedIn
Reddit
Email
Sun Cable signed a project development agreement with the Northern Territory’s chief minister and Australia’s renewables and infrastructure minister early last year. Image: Sun Cable.

Sun Cable has closed a AU$210 million (US$152 million) Series B raise with their existing shareholders to fund the development of its Australia-Asia PowerLink (AAPowerLink) subsea cable project.

AAPowerLink project is a 20GW PV plant with 36-42GWh of energy storage that distributes power to Darwin on the north coast of Australia, as well as to Singapore via a 4,200km high voltage direct current (HVDC) subsea cable that will pass through Indonesia.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

A scaled-down version of the project was conceived in 2019 and got the backing of two prominent Australian billionaires – Atlassian co-founder Mike Cannon-Brooks and mining magnate Andrew Forrest via Squadron Energy.  

Last year, the AU$30 billion export project was awarded priority status by advisory group Infrastructure Australia and received approval for its route by Indonesian authorities, clearing a major hurdle to its development.

The raise announced today was led by Grok Ventures and Squadron Energy, a wholly owned subsidiary of Australian investment firm Tattarang, as well as other previous investors.

“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,” said David Griffin, Sun Cable founder and CEO.

“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.”

Andrew Forrest, chairman of Tattarang, called the raise a “critical step” in the development of the AAPowerLink project and said Sub Cable’s vision will “transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation.”

Located near the town of Elliott in Australia’s Northern Territory, AAPowerLink will be spread over 12,000 hectares and will transmit 3GW of power from the site to the Darwin region, with 800 MW delivered to the city of Darwin itself.

Read Next

September 16, 2025
The Philippines has commissioned the Batangas 1 project, the country's first to combine agriPV with a battery energy storage system (BESS).
September 15, 2025
UNSW spin-out company Lab360 Solar has been awarded funding from ARENA to bring its drone-based PV inspection technology to market.
September 15, 2025
Australia has reached 26.8GW of installed rooftop solar at the end of the first half of 2025, according to a report from the Clean Energy Council (CIC).
September 11, 2025
The absence of negative pricing in Italy undermines the case for co-located solar storage, the co-founder of Italian IPP Terrawatt has said.
September 10, 2025
The CEFC has said that a coordinated approach to transmission in Pilbara, Western Australia, could save more than AU$30 billion over 25 years.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA