Mike Cannon-Brookes' $30 Billion Solar Project Receives Approval

Australia’s ambitious $30 billion solar project, Sun Cable, has received approval, marking a significant step forward in the country's clean energy initiatives. The project, supported by Australian tech billionaire Mike Cannon-Brookes, aims to build the first-ever underwater power cable, which will transport solar electricity from Darwin to Singapore.

Cannon-Brookes, known for co-founding the tech company Atlassian, is funding the Australia-Asia Power Link, a 4,300-kilometer undersea cable designed to deliver over 20 gigawatts of energy by 2030. This cable will connect a massive solar farm in northern Australia to Singapore, significantly boosting the country's clean energy capabilities.

The project promises substantial economic benefits for Northern Australia, including the creation of 14,300 jobs and a boost to research and manufacturing in renewable technologies. Australian Minister for Environment Tanya Plibersek has praised the initiative, stating that it will play a key role in transforming Australia into a global superpower in renewable energy.

However, the project still faces hurdles before it can proceed, including securing final approval from indigenous stakeholders in Australia, Indonesia, and Singapore. With these negotiations underway, Sun Cable is now poised to move forward with the next stages of planning, with a final investment decision expected by 2027.

Mike Cannon-Brookes, who is currently worth an estimated $10.7 billion according to Forbes, has made significant investments in renewable energy, positioning himself as a leader in clean tech. In addition to Sun Cable, he holds investments in Australian utility AGL Energy, further solidifying his commitment to advancing efforts to combat climate change.