Home Stock Australian billionaire Cannon-Brookes says $13 billion Singapore photo voltaic venture is viable By Reuters

Australian billionaire Cannon-Brookes says $13 billion Singapore photo voltaic venture is viable By Reuters

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Australian billionaire Cannon-Brookes says $13 billion Singapore photo voltaic venture is viable By Reuters

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© Reuters. FILE PHOTO: Mike Cannon-Brookes, chief govt officer of Atlassian, attends the annual Allen and Co. Solar Valley media convention in Solar Valley, Idaho, U.S., July 11, 2019. REUTERS/Brendan McDermid/File Picture

SYDNEY (Reuters) – Australian billionaire Mike Cannon-Brookes on Thursday stood by the economics of a plan to ship power from an enormous photo voltaic farm within the nation’s north to Singapore by way of undersea cable as he took possession of the A$20 billion ($12.73 billion) venture.

Cannon-Brookes, the co-founder of tech agency Atlassian (NASDAQ:) turned environmental activist, stated he continued to consider outdoors traders could be drawn to the Solar Cable venture, including it already had demand for extra power than it may produce.

“We’ve spent quite a lot of time with clients and are fairly clear on the unit economics,” Cannon-Brookes instructed reporters after his enterprise Grok Ventures’ buy of the venture for an undisclosed sum was accomplished on Thursday.

“We consider that there is sufficient margin … to make it an investable venture,” he added.

Solar Cable below Cannon-Brookes’ management will probably be break up into two enterprise models, specializing in Australia and Singapore, which can broaden its enchantment to traders, Cannon-Brookes stated.

Solar Cable was owned by the non-public companies of Cannon-Brookes and Fortescue Metals billionaire founder Andrew Forrest. Nevertheless it was put into voluntary administration, Australia’s closest equal to Chapter 11 chapter, in January after the 2 events didn’t agree on future funding.

Forrest had stated he was unconvinced of the industrial viability of sending energy by way of undersea cable.

Cannon-Brookes stated the corporate would apply for a licence with Singapore’s Power Market Authority this month with hopes of assembly that nation’s goal of importing at the very least 4 gigawatts (GW) from low-carbon sources by 2035.

The corporate was additionally in talks with the Indonesian authorities about constructing the cable in its waters, he added.

The proposed Australia-Asia PowerLink would ship energy from a 20 GW photo voltaic farm with the world’s greatest battery in Australia by a 4,200 km (2,610 miles) undersea cable to Singapore.

($1 = 1.5706 Australian {dollars})

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