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Grok Ventures acquires Australia-Singapore solar power project
The Australian private investment firm has completed acquiring Sun Cable, reviving a cross-border project to distribute solar power via undersea cables to Singapore across Indonesian waters.
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Rice fields surround a solar power plant in Sengkol village, Central Lombok regency, West Nusa Tenggara, as seen in this aerial photograph taken on March 5, 2022. (Antara/Ahmad Subaidi)
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ustralian private investment firm Grok Ventures has completed the acquisition of a stalled multibillion-dollar project to export solar power to Singapore using a 4,200-kilometer submarine cable.
The sale of Australia’s Sun Cable, which included shares in its operating subsidiaries, had been completed, Grok Ventures said in a statement released on Thursday.
The firm said Sun Cable would lodge its submission to the Singaporean Energy Market Authority (EMA) later this month to obtain a conditional energy import license.
Grok Ventures CEO Mike Cannon-Brookes said the Australia-Asia Power Link (AAPowerLink) project had all the components “to make the next great Australian infrastructure initiative possible”.
“There’s huge upside for both Australia and our neighbors, Singapore and Indonesia. We look forward to working with our partners across Asia to drive this,” he told The Jakarta Post on Thursday.
The flagship project comprises five key infrastructure components, including a 20-gigawatt (GW) solar precinct in Australia’s Northern Territory and two power conversion facilities.
Sun Cable went into voluntary administration in January after shareholders failed to agree on the project’s future direction and funding.
