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The technology to store renewable energy for long periods hasn’t quite been mastered, either. The interconnector would send renewable energy both east and west, taking advantage of the sun’s diurnal journey across the sky. The transatlantic interconnector is still a proposal, but networks of green energy cables are starting to sprawl across the world’s sea beds. They are fast becoming part of a global climate solution, transmitting large amounts of renewable energy to countries struggling to make the green transition alone. Not all of them carry renewable power exclusively — that’s sometimes determined by what makes up each country’s energy grid — but new ones are typically being built for a green energy future.
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Aussie billionaires’ solar spat enters new phase
  + stars: | 2023-05-29 | by ( ) www.reuters.com   time to read: +2 min
MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.
Australia-to-Asia power project will go up for sale in January
  + stars: | 2023-01-20 | by ( ) www.reuters.com   time to read: +1 min
MELBOURNE, Jan 20 (Reuters) - A huge solar power project in Australia that collapsed last week will be put up for sale before the end of January and the sale process is expected to take about three months, administrators at FTI Consulting said on Friday. "Indicative timing for the sale process is approximately three months," the administrators said in a statement released after the first meeting of creditors. Sun Cable designed its key project, Australia-Asia PowerLink, to send power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Tech billionaire Cannon-Brookes, who is chairman of Sun Cable, backs that plan. However, iron ore magnate Forrest's private firm Squadron Energy called for an overhaul of the project, aiming to scrap the undersea cable plan.
The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.
MELBOURNE, Jan 12 (Reuters) - Iron ore magnate Andrew Forrest called on Thursday for an overhaul of a $20 billion-plus project to send solar power from Australia to Singapore, which collapsed after he and tech billionaire Mike Cannon-Brookes split over funding plans. Singapore-based Sun Cable, largely owned by Forrest's private firm Squadron Energy and Cannon-Brookes' private firm Grok, appointed voluntary administrators this week less than a year after raising A$210 million for the Australia-Asia PowerLink project. In Squadron's first public comments since the collapse was announced on Wednesday, the firm said the project "requires vision and precise execution". "Squadron Energy believes in the vision but believes the manner in which the project is delivered needs urgent change," Squadron Chairman John Hartman said in an emailed statement. "Exceptional governance practices and world-class project delivery expertise, as well as pursuing bankable technologies, will be required to make the project a reality," Hartman said.
Companies Sun Cable FollowMELBOURNE, Jan 11 (Reuters) - The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding. Singapore-based Sun Cable said it had appointed voluntary administrators less than a year after raising A$210 million from the two billionaires for the Australia-Asia PowerLink project. Tech billionaire and climate activist Cannon-Brookes, who became chairman of Sun Cable in October, said he remained confident in the project. The statement offered no comment from iron ore magnate Andrew Forrest's privately owned Squadron Energy, Sun Cable's other big stakeholder. Future steps are likely to involve voluntary administrators FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said.
Australia, Singapore sign 'green economy' pact
  + stars: | 2022-10-18 | by ( Lewis Jackson | ) www.reuters.com   time to read: +2 min
Prime Minister of Singapore Lee Hsien Loong (left) shakes hands with Australian Prime Minister Anthony Albanese during a meeting at Parliament House in Canberra, Tuesday, October 18, 2022. Prime Minister Lee Hsien Loong is in Australia on a 3-day official visit. Lukas Coch/Pool via REUTERSSYDNEY, Oct 18 (Reuters) - Australia and Singapore agreed on Tuesday on a "green economy" deal to boost cooperation on climate investment, financing and technology. Singapore Prime Minister Lee Hsien Loong told a news conference in Canberra that the agreement would start with initiatives such as developing a list of environmental goods and services that could be given preferential trade treatment. "A project like Sun Cable which has the potential to export clean energy to Singapore is the ultimate win-win," Albanese said.
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