“Two Australian billionaires invest billions for solar power export project to Singapore”

not long ago Andrew Forrest Founder of Australian iron ore company Fortescue Metals Group andMike Cannon-Brookes Co-founder of software company Atlassian

– Andrew Forrest, founder of Australian iron ore company Fortescue Metals Group (Credit: AFP) –

Two of the richest people in Australia Participated in raising A$210 million or approximately 4,800 million baht through his private company. for a big project called “The Sun Cable” in exporting electricity produced from solar from Australia to Singapore via an undersea cable

According to the 2021 Australian Financial Review’s Billionaire Rankings, “Forrest” ranks as the richest person in Australia and “Cannon-Brooks” is the second richest.

The involvement of two Australian billionaires in such a mega-project. reflect their interest in contributing to the global transition to “Sustainable Energy” Although from the revealed investment numbers of both of them It cannot be concluded that The project is expected to be worth more than 30 billion Australian dollars or about 690 billion baht. Will it finally get enough funding?

Forrest said the vision for the Sun Cable project was to transform Australia into a world leader in renewable electricity generation and export. and achieving zero-carbon emissions from fossil fuels.

“Increasing capital in such projects It’s a big step forward,” Forrest added.

The Canon-Brooks which recently Failed attempt to acquire AGL Energy, Australia’s No. 1 energy producer ready for Australia to stop using fossil fuels this fundraising It will make Australia more aware of the country’s renewable energy export potential.

– Mike Cannon-Brooks Co-founder of software company Atlassian (Credit: AFP) –

Sun Cable Project Specify details that Australia-Asia Power Transmission Line Construction is expected to commence in 2024 and should deliver power to Singapore for the first time in 2027. It will deliver energy from the world’s largest solar plant in Australia’s Northern Territory. over 5,000km of undersea cables to Singapore and beyond

Meanwhile, the project aims to meet up to 15% of Singapore’s energy needs andIn September last year Indonesia permits immediate commencement of subsea cable exploration After Sun Cable agreed to invest $2.5 billion in Indonesia.

David Griffin Founder and CEO of the Sun Cable project commented: such capital increase This will allow renewable solar energy to be delivered from Australia to Singapore. Modernize other multi-gigawatt energy projects and support the advancement of the country’s critical infrastructure assets.

In 2019, Forrest and Canon-Brooks Jointly injected funds into this project in the amount of less than $ 50 million or less than 1,700 million baht, the project did not specify how much each person contributed to this latest round of money.

On April 19, 2023 from the Financial Review news agency stated that Final investment proposals for this subsea cable project It was postponed from the end of April to May 23. Due to disagreements in the project between two billionaires, Canon-Brooks and Forrest.

The Canon-Brooks side wants the project to continue by laying a 4,200 km transmission line to Singapore. and sells 20 gigawatts of solar farm power packs and 42 gigawatt-hour batteries.

While Forrest wants the plant to focus on delivering energy for green hydrogen power. and local industry

Georgios Constantinou, a senior lecturer in energy systems at Australia’s University of New South Wales, said that out of about 5,000 km of subsea cables alone, there are 5,000 kilometres. make this project “Highly challenging”

“Ultimately, connecting to Australia will be more difficult and costly than connecting to the rest of the world from the depths of the sea. and the two-kilometer Timor Strait is a major obstacle.”

refer: reuters, afr, reneweconomy, asia, energyvoice