Sun Cable - the world's largest renewable energy project - is expected to generate $2 billion in revenue annually by 2028.
👉 Background: Sun Cable is the world’s biggest renewable energy project. It was founded in Oz in 2018 with a big plan: power Singapore with renewable energy from the Northern Territory. A lofty task!
👉 What happened: Sun Cable is planning to use a 4,200 kilometre cable to transmit renewable power from a solar farm in the NT straight to Singapore from 2027. The whole project costs around $30 billion and now, it's officially"investment ready".
👉 What else: Once established, Sun Cable is expected to generate $2bn in revenue annually by 2028, and help Australia and Singapore navigate the energy transition.
💡The global energy sector is shifting from fossil fuel-based energy sources to renewable energy sources. This energy transition has seen huge numbers of companies (think: AGL and BHP) start to shift away from coal.
💡New companies - like Sun Cable - have also emerged to help move this transition along. Sun Cable plans to replace imported gas with solar powered electricity and reduce global greenhouse gas emissions by 480 million tonnes.
💡That’s the equivalent of the average electricity used by over 2.5 million Aussie homes each year over the project lifespan! AND it could generate some pretty tasty investment returns over the long run, too 😋.
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