The Northern Territory Government has announced that the sale of SunCable’s Australia-Asia PowerLink (AAPowerLink) project to a Grok Ventures-related entity is now complete.
AAPowerLink includes the construction of the world’s largest integrated renewable energy zone and battery complex on Powell Creek. It also includes 4,300 km of subsea transmission to Singapore and 800 km of overhead HDVC transmission to the Darwin region.
The sale was contingent on the novation of all material contracts to the new owner.
“Today, SunCable is moving forward under new ownership, with a renewed focus and robust plan to launch new export industries for Australia while making a significant contribution to Australia and the Northern Territory’s energy transition efforts,” Grok Ventures CEO Jeremy Kwong-Law said.
Chief Minister Natasha Fyles signed a Deed of Novation on 21 August 2023, transferring the Territory’s Project Development Agreement from Sun Cable Pty Ltd to the new owner.
The Territory Government awarded AAPowerLink Major Project Status in 2019 and passed facilitating project legislation in May 2022 to progress the project.
“This project will deliver $8 billion in expected investment into Australia. The AAPowerLink will deliver significant benefits to Australia. It will provide significant zero emissions electricity; committing at least 800MW to the Northern Territory and 1,750MW to Singapore,” Chief Minister Fyles said.
Grok Ventures has guaranteed the Northern Territory Government that it is committed to advancing the project to the Final Investment Decision and will maintain a SunCable office in Darwin.
“As the owner of SunCable, Grok’s core objective is progressing the AAPowerLink project. We are highly motivated by the important contribution that AAPowerLink will make to the economy and employment prospects not only in the Northern Territory, but throughout Australia as well as in Singapore and Indonesia,” Kwong-Law stated.
The AAPowerLink is estimated to provide around 1,750 construction jobs and 350 jobs during operations.
The project has the potential to provide the Territory with up to 4GW of renewable energy while also establishing it as a low-emissions, green industrial and manufacturing hub.
“AAPowerLink will be a catalyst for the establishment of a large-scale green industry in northern Australia, delivering firm green power from the Territory’s abundant solar resource,” SunCable Australia Chief Development Officer Mark Branson said.
“The Territory Government welcomes the progress by Grok and Quinbrook. The AAPowerLink 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,” Chief Minister Fyles stated.
