Sun Cable has raised A$210m (€139m) Series B capital with its existing shareholders to fund development work of the company’s Australia-Asia PowerLink project aiming to transmit renewable energy generated in Australia to Singapore.
The money will also accelerate progress of Sun Cable’s portfolio of multi-gigawatt generation and transmission projects.
The capital raise was led by Grok Ventures and Squadron Energy.
The AAPowerLink will harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore via a HVDC cable transmission system.
Sun Cable founder and chief executive David Griffin said: “We have 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.
“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.”