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June 27, 2022

Sun Cable’s AAPowerLink project given ‘investment-ready’ status

The project has the potential to bring A$8bn ($5.5bn) of investment into Australia.

Australian statutory body Infrastructure Australia has categorised Sun Cable ’s Australia-Asia PowerLink (AAPowerLink) project as ‘investment-ready’ and affirmed its economic benefits.

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The project was moved to Stage III ‘Investment-Ready’ status after it met all the requirements of the Infrastructure Priority List.

AAPowerLink is a proposed infrastructure electricity project that will deliver clean energy from the Barkly Region in the Northern Territory to Darwin and Singapore via high-voltage cables.

The project has the potential to bring significant benefits to Australia, including delivering an A$8bn ($5.5bn) investment into the country and generating A$2bn in expected annual export revenues from 2028.

It will deliver 800MW of clean energy to Northern Australia to support the industrial power requirements in the region, as well as create 14,000 direct and indirect jobs.

In addition, AAPowerLink is estimated to offset 2.6 million tonnes of carbon emissions.

Sun Cable founder and CEO David Griffin said: “Today’s announcement by Infrastructure Australia affirms that the AAPowerLink is economically viable and will deliver significant benefits for Australia and our region.

“The AAPowerLink will enable a stronger economy for the long term through contracts, wages and economic diversification.

“It will spur enhanced capacity and skills in the construction and technology sectors as a result of jobs and training over the lifetime of the project, and pave the way for new green industries to be established, and to thrive.”

The AAPowerLink project is expected to reach the financial close at the start of 2024, with construction works also expected to begin in the same year.

Electricity supplies to Darwin will begin in 2027 and the project is expected to be fully operational by 2029.

Earlier this year, Sun Cable secured A$210m in a Series B capital raise round to fund the AAPowerLink project.

Grok Ventures led the funding round together with Tattarang subsidiary Squadron Energy .

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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