The Sun Cable project aims to export solar energy through the world’s largest solar farm from the Northern Territory to Singapore via a high-voltage direct current (HVDC) transmission cable. However, the Australian billionaire entrepreneurs Mike Cannon-Brookes and Andrew Forrest, who backed the ambitious project, announced a voluntary administration last Wednesday.
The project has an estimated cost of $30 billion and built the largest solar farm in the world with a capacity of 10 GW, enough to power over one million homes in Singapore and around areas in NT.
Check out our page to learn about Suncable’s difficult decision to enter voluntary administration.
Upbeat and excited about the project
Image: Facebook – Federal Energy and Climate Minister Chris Bowen
In a press conference on Thursday, the Federal Energy and Climate Minister Chris Bowen said, “I remain very upbeat and excited about Sun Cable’s future.”
“Certainly I’ve been speaking to very senior people in Sun Cable over the last 24 hours, they tell me that there is absolutely no reduction in their ambition, there is no change in their plans for this to be going forward as a very important investment in Australia.”
The project is also a key component of Australia’s plan to export renewable energy to Asia, a growing clean energy market. According to Minister Bowen, the project has the potential to “unlock a new era of energy exports and create jobs and economic growth in the Northern Territory and across Australia.”
The project has the potential to create thousands of jobs and generate significant economic benefits for the region and the country as a whole. He acknowledged the recent dispute between the project’s investors, but he assured that the government is in active discussions with all the stakeholders and that the project is moving forward.
“I certainly hope that they make their corporate decisions and then get on with the job,” he said.
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NT can be a renewable energy global superpower
At a press conference, the acting NT Chief Minister Nicole Manison was questioned about whether her government had supported a “unicorn” that would never be able to achieve its objectives.
She claimed that if the initiative hadn’t been viable, Mr Cannon-Brookes and Dr Forrest would never have supported it.
“I don’t think they’d back in projects like this unless they believe it is absolutely real because this is their professional reputation, but also they share the same vision of the Northern Territory Government that we can be a global superpower when it comes to renewable energy.”
“The advice we had from Sun Cable yesterday was that are still proceeding forward business as usual.”
“This is going to be a globally significant project … Fantastic for the NT,” she said.
Image: Facebook – Acting NT Chief Minister Nicole Manison
Australia’s growing demand for clean energy
While the loss of such a large-scale project is undoubtedly disappointing, it is important to remember that the renewable energy industry in Australia is still in its infancy. The country has abundant resources and a growing demand for clean energy, making it a prime location for further development.
There are also numerous smaller-scale renewable energy initiatives happening across the country. These include installing solar panels and wind turbines on rooftops, developing community-owned wind and solar farms, and deploying battery storage systems.
It is also worth noting that the Australian government has set a target to achieve net zero emissions by 2050, which will require a significant increase in the country’s renewable energy capacity. This will provide a strong incentive for the private sector to invest in clean energy projects, which will help to drive the industry’s growth.
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