Tycoons Back Australian Solar PowerLink for Singapore

Two of Australia’s richest men – Atlassian Corp co-founder Mike Cannon-Brookes and iron ore magnate Andrew Forrest – have committed more cash to a A$30 billion (US$21.9 billion) project to export solar power from Australia’s Northern Territory to Singapore via an undersea cable.

Sun Cable Pty Ltd completed an A$210 million (US$152 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 in a statement on Monday. The raising was led by Cannon-Brookes’ investment group Grok Ventures and Forrest’s Squadron Energy.

Read the full report: South China Morning Post.

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.