Sun Cable’s Australia-Asia PowerLink deemed investment ready by Infrastructure Australia

24 June 2022

Infrastructure Australia announced today that the Australia-Asia PowerLink (AAPowerLink) has met all requirements of the Infrastructure Priority List, advancing the project to Stage 3 ‘Investment-ready’ status and confirming it is investment ready, following years of commitment, ground work and progress from the Territory Labor Government and the projects’ stakeholders.

The AAPowerLink is the world’s largest solar, storage and transmission system that will transmit renewable electricity from the Barkly Region of the Northern Territory to Darwin and Singapore.

The Territory Labor Government has been supporting this $30+ billion project from the beginning – awarding it Major Project Status in 2019, and passing facilitating project legislation in May 2022 to continue to propel this project forward.

The project will deliver $8 billion in expected investment into Australia and $2 billion in expected annual export revenues from 2028.

The AAPowerLink will deliver significant benefits to Australia, including 800 MW of zero carbon electricity for Northern Australia, supporting prospective industrial loads and 2.6 million tonnes of estimated carbon emissions abatement.

14,000 direct and indirect jobs are expected to be created by the AAPowerLink, most of which will be in Australia, including

o    120 jobs during project development

o    1,750 direct jobs during construction

o    350 jobs during operation

o    12,000 indirect jobs

The AAPowerLink was first recognised by Infrastructure Australia on its Infrastructure Priority List in 2021, noting the significant opportunity to harness the Northern Territory’s competitive advantage by developing large-scale, dispatchable renewable energy generation, supported by transmission infrastructure to supply domestic and export markets.

The AAPowerLink is targeted to reach financial close by the start of 2024. Construction will commence in 2024, with electricity supplied to Darwin in 2027 and full operations by 2029.

Quotes from the Chief Minister of The Northern Territory Natasha Fyles:

“The Territory Labor Government is aiming for a $40 billion economy by 2030 to accelerate jobs and population growth. Projects like Sun Cable’s Australia-Asia Power-Link are exactly the sorts of projects which will help us get there.

“Sun Cable’s $30+ billion project will position the Territory as a renewable energy powerhouse. The Territory is the best place to do business in Australia, and the new project legislation proves that.

“The Territory Government welcomes today’s Infrastructure Australia announcement. Sun Cable’s project will position the Territory as a renewable energy powerhouse – powering Territory industries with Territory sunshine, creating new permanent jobs, and establishing a new export industry.”

Quotes from the Minister for Infrastructure, Planning and Logistics, Eva Lawler:

“The Australia-Asia PowerLink will be built here in the Territory. It will be a major economic driver, and it will put the Territory on the international map when it comes to renewables.

“The Australia-Asia PowerLink will transform the Territory into a renewable energy powerhouse and establish a new energy export industry for Australia, with positive flow on benefits for businesses.”

Quotes attributable to Sun Cable Founder & CEO David Griffin:

“Today’s announcement by Infrastructure Australia affirms that the AAPowerLink is investment ready, it is economically viable and it will deliver significant benefits for Australia and our region.

“The AAPowerLink will enable a stronger economy for the long term through contracts, wages and economic diversification. It will spur enhanced capacity and skills in the construction and technology sectors as a result of jobs and training over the lifetime of the project, and pave the way for new green industries to be established, and to thrive.”

Northern Territory Government