Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Australian tech billionaire to chair $20 billion solar power export project

Stock Markets Oct 07, 2022 11:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Annie Cannon-Brookes and Mike Cannon-Brookes, chief executive officer of Atlassian, attend the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 11, 2019. REUTERS/Brendan McDermid
 
MC
+1.22%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TEAM
+5.38%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

SYDNEY (Reuters) - Australian software mogul Mike Cannon-Brookes was named chairman on Friday of clean energy start-up Sun Cable, which is seeking to secure funds for a proposed A$30 billion-plus ($19.3 billion-plus) solar power export project.

Singapore-based Sun Cable plans to supply solar power from Australia to Singapore and eventually Indonesia through the world's longest subsea high voltage cable, linked to a 17-20 gigawatt solar farm, as well as an energy storage facility of up to 42 GWh in Australia's Northern Territory.

Cannon-Brookes, co-founder of project management software maker Atlassian (NASDAQ:TEAM) and an investor in Sun Cable since 2019, said he was "thrilled" to take up the role at the company, which is yet to break ground on the planned 4,200-km (2,600-mile) undersea cable.

"Australia can and should be a global leader in clean energy exports. Sun Cable is at the forefront of making Australia a renewable energy superpower," Cannon-Brookes said in a statement.

Sun Cable Chief Executive David Griffin pointed to Cannon-Brookes' experience in "rapidly building business to a global scale."

The project, also backed by iron ore magnate and Fortescue Metals founder Andrew Forrest, received an "investment ready" tick in June from Infrastructure Australia, an independent body tasked with evaluating infrastructure projects.

Construction is planned to start in 2024 with full operations commencing in 2029.

Capital raising for the project is underway after Sun Cable appointed Macquarie Capital, Moelis (NYSE:MC) & Co and MA Financial Group as financial advisers in July, with the target of wrapping up in early 2024.

Cannon-Brookes' environmental activism is making waves in corporate Australia, most recently through his attempt earlier this year to buy AGL, Australia's largest electricity generator, and accelerate the closure of AGL's coal-fired power plants by a decade.

($1 = 1.5567 Australian dollars)

(This story has been corrected to fix distance of cable in third paragraph to 4,200km)

Australian tech billionaire to chair $20 billion solar power export project
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Oct 08, 2022 12:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email