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Sun Cable appoints Financial Advisors and set sights on Financial Close in 2024

By: Tom Russell 13/07/2022 The Sun Cable

General Interconnectors

Developers of The Sun Cable have appointed Macquarie Capital, Moelis & Company and MA Financial Group as Joint Financial Advisors to advise, structure, arrange and execute the capital raising strategy that will bring its Australia-Asia PowerLink project to financial close by the start of 2024.

Sun Cable’s project, the AAPowerLink, aims to harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore via a high voltage direct current (HVDC) cable transmission system.
Macquarie and Moelis will act as exclusive financial advisors to Sun Cable to raise AUD30+ billion in capital required to fund completion of the Australia-Asia PowerLink.

After financial close, construction of the Australia-Asia PowerLink is planned to commence in 2024 with the first electricity supplied to Darwin in 2027 and full operations by 2029.

Sun Cable Founder & CEO David Griffin said: “The Australia-Asia PowerLink is a long term investment in energy resilience and decarbonisation, at scale.

“With generation, transmission, and storage technology, and engineering that is proven across each interconnected aspect of the operation, we have the economies of scale needed to deliver zero emission dispatchable electricity with reliability and price stability.

“I am delighted to welcome the appointments of Macquarie and Moelis, who will bring their valued expertise to the project.”

Sun Cable Group Chief Financial Officer Kiran Raj said: “The Australia-Asia PowerLink is led by a highly capable, experienced and expert team focussed on delivering proven technology and engineering in a form that is investable, de-risked, and certain.

“We have extended our growing business partnerships to Macquarie and Moelis, as we believe they are best placed to advise, optimise the structure and assist Sun Cable to access the global equity and debt capital markets in order to raise the necessary capital to fund construction of the Australia-Asia PowerLink.”

For more information on interconnector and subsea cable projects worldwide, click here.

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Sun Cable appoints Financial Advisors and set sights on Financial Close in 2024

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