SYDNEY, March 14 (Reuters) – Australia’s two richest men joined a A$210 million ($152 million) capital raising for an ambitious project to supply Singapore with solar power via an undersea cable, the company said on Monday.
Private companies of Andrew Forrest, founder of iron ore giant Fortescue Metals Group Ltd (FMG.AX), and Mike Cannon-Brookes, co-founder of software maker Atlassian Plc (TEAM.O), upped their investments, the parties said, as the Sun Cable project inches toward becoming a supplier of renewable energy to the region.
Forrest is Australia’s richest man and Cannon-Brookes is Australia’s second richest, according to the 2021 Rich List from the Australian Financial Review.
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Their involvement in the project reflects a mutual interest in playing a part in a global transition to sustainable energy, although their disclosed contributions leave it unclear how the project, which has been costed at more than A$20 billion ($14.5 billion), will ultimately be bankrolled.
“Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation,” said Forrest in a statement.”This capital raise is a critical step.”
Cannon-Brookes, who recently failed in an attempt to buy top Australian power producer AGL Energy with plans to speed up its exit from fossil fuel, said the raising “brings Australia one
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