Andrew Forrest

2022 - 3 - 13

Post cover — Image courtesy of "The Australian Financial Review"

Mike Cannon-Brookes, Twiggy lead $210m Sun Cable capital raising (The Australian Financial Review)

The increased support from the founders of Atlassian and Fortescue Metals Group is a ringing endorsement of the daring project to export solar from the ...

“So we are looking at a portfolio that fits within that mission. The investment by Dr Forrest, who also participated in Sun Cable’s sub-$50 million raising in late 2019, is through his private company Squadron Energy. “It’s a blueprint for how we export energy across the world. Sign up to our weekly Carbon Challenge newsletter. It may get further momentum from heightened concerns around energy security as a result of the war in Ukraine. “We can power the world with clean energy and Sun Cable is harnessing that at scale,” he said.

Twiggy Forrest, Mike Cannon-Brookes lead $210m raise for ... (Business News Australia)

Sun Cable has raised $210m in a Series B capital raise to support what is expected to be the world's largest intercontinental renewable power system.

The transmission line will pass through the Litchfield Municipality to Murrumujuk, where a converter station and battery will be built nearby on 55 hectares of land. According to its own documents, the group expects a determination on environmental approvals this year, and a financial close in the fourth quarter of 2023 before onshore construction begins in early 2024. Griffin has expressed pride in engaging with traditional owners of the land. In Indonesia alone, Sun Cable is set to invest more than US$2 billion (AUD$2.76 billion). With a planned commencement of construction in 2024, the project contemplates a 12,000-hectare solar farm and battery precinct in Powell Creek Station to the southwest of Elliott - a site that was selected as it is one of the most consistently sunny places on earth, has very flat land for solar panels, and is close to a railway corridor for electricity transmission and transporting equipment. Still in the planning stages of development, the project involves a solar generation precinct near Elliott, just north of Tennant Creek in the Northern Territory, with 800km of overhead transmission to Darwin and 4,200km of undersea power cables between the coast and Singapore.

Australian billionaires put more money into US$15 billion solar ... (TODAY)

SYDNEY : Australia's two richest men joined a AUS$210 million (US$152 million) capital raising for an ambitious project to supply Singapore with solar power ...

It did not specify their individual contribution in the latest round. The project aims to provide Singapore with up to 15per cent of its energy requirements. This capital raise is a critical step."

Cannon-Brookes, Twiggy Forrest double down on $30bn Sun Cable project in $210 million Series B (Startup Daily)

Tech and mining billionaires Mike Cannon-Brookes and Dr Andrew Forrest have ramped up their support for a $30 billion project to supply solar power from the Australia to Singapore, leading a $210 billion Series B round into Sun Cable.

Central to the project is Sydney solar energy startup 5B, founded by Chris McGrath and Eden Tehan in 2013. “We have developed a world leading capability in four short years. Tech and mining billionaires Mike Cannon-Brookes and Dr Andrew Forrest have ramped up their support for a $30 billion project to supply solar power from the Australia to Singapore, leading a $210 billion Series B round into Sun Cable.

Billionaires Andrew Forrest and Mike Cannon-Brookes tip more ... (The West Australian)

Atlassian's Mike Cannon-Brookes and iron ore magnate Andrew Forrest have committed more cash to a $30 billion project to export solar power from Australia's ...

Mr Cannon-Brookes has been a vocal campaigner for the clean energy transition in Australia, which still gets around 60 per cent of its power from coal, teaming up with investment giant Brookfield last month in a failed bid for generation company AGL Energy. The partners had planned to accelerate the closure of AGL’s coal-fired plants and replace them with renewables. Sun Cable plans to lay a 4200km high-voltage cable to supply enough electricity to meet 15 per cent of Singapore’s demand from a giant solar and battery complex deep in the Northern Territory. The project will also supply Darwin when it starts operating in 2027. Sun Cable completed a $210 million Series B capital raising with existing shareholders to accelerate the progress of the Australia-Asia PowerLink, as well as other projects in its portfolio, the company said on Monday. The raising was led by Mr Cannon-Brookes’ investment group Grok Ventures and Mr Forrest’s Squadron Energy.

Sun Cable's giant Northern Territory solar project gets $210m ... (The Guardian)

Billionaires Mike Cannon-Brookes and Andrew Forrest's investment accelerates company's plans to explore similar plants in Australia and beyond.

“Australia has been an energy exporter for many decades,” he said. “Australia [can] seize the fantastic opportunities we have in this area. “Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation. “We’re just really stoked to close this round,” Griffin said. “It will also allow us to accelerate development of our broader portfolio,” he said. More details were likely to be announced “some months from now”.