Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Australia fast tracks approval process for $16 billion solar power export project

share with twitter share with LinkedIn share with facebook
07/30/2020 | 04:34am EDT

Australia's plan to fast track the approval process for a A$22 billion ($16 billion) project to export solar power to Singapore could help it secure financing earlier than planned, the project's boss said on Thursday.

The ambitious Australia-ASEAN Power Link project, run by Singapore-based Sun Cable, plans to supply solar power to Singapore and eventually Indonesia via the world's longest subsea high voltage cable.

It would consist of a 4,500-km (2,800-mile) cable linked to a 10 gigawatt solar farm as well as an energy storage facility of up to 30 GWh in the Northern Territory. Both the solar farm and the battery facility would be the biggest of their kind.

Sun Cable Chief Executive David Griffin said the government's decision on Wednesday to grant major project status would make the approvals process much easier and may help the company beat its late-2023 target for securing financing.

"We're trying very hard to bring forward at least elements of the project," Griffin told Reuters.

The company aims to build a factory in Darwin next year to manufacture Maverick solar modules, which it will eventually use at the proposed giant solar farm, he said.

Maverick modules are designed by private Australian firm 5B, which on Thursday completed a A$12 million capital raising, backed by U.S. power company AES Corp.

Sun Cable also wants to build the first stage of the battery facility it plans in Darwin, Griffin said without specifying a timeframe.

Energy Minister Angus Taylor said the project was strategically important for Australia, the world's top coal and liquefied natural gas exporter, as it seeks to remain a major energy exporter and for its potential to create hundreds of jobs.

The project last year lined up early funding from two Australian billionaires, including Atlassian co-founder Mike Cannon-Brookes, who has called it "insane" but said the engineering "all checks out".

Asked whether the project was starting to look viable, Griffin said: "We've made massive progress over the last 12 months, but we do still have a long way to go."

By Sonali Paul


Stocks mentioned in the article
ChangeLast1st jan.
AES CORPORATION (THE) -0.15% 19.5 Delayed Quote.-2.01%
ATLASSIAN CORPORATION PLC -9.06% 191.62 Delayed Quote.59.23%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
06:53pTwitter unfreezes New York Post account days after backlash from Republican lawmakers
RE
06:36pStocks suffer biggest weekly decline since March
RE
06:31pBritain may impose new national lockdown from Wednesday - Times
RE
06:25pTHE DEVELOPMENT MODEL MUST BE CHANGED TO ROLL BACK LATIN AMERICA AND THE CARIBBEAN'S ENVIRONMENTAL TRAGEDY : Specialists
PU
06:14pCorrection to article on Trump and Biden Budget-Deficit Policies
DJ
06:11pUK’s Johnson considering imposition of new national lockdown measures- Times
RE
06:02pBank of america says deferred commercial balances totaled $1.4 billion, or 0.29% of total commercial loans
RE
06:02pBank of America details loan deferrals due to pandemic
RE
06:02pBank of america corp says deferred consumer and small business loans totaled $9.8 bln as of oct. 21 -filing
RE
06:02pBank of america says deferred consumer loans include $9 bln in residential mortgage and home equity loans, $298 mln in credit card loans and $582 mln of small business and consumer vehicle loans
RE
Latest news "Economy & Forex"