(Bloomberg) -- The Sun Cable project to export solar power from Australia's Outback to Singapore has won new government backing that'll help accelerate approvals.
Legislation being introduced by the Northern Territory government will streamline some processes and help developers to secure project financing, according to the region's Chief Minister Michael Gunner.
The A$30 billion ($22.6 billion) project “will be a major economic driver, and it will put the Territory on the international map when it comes to renewables,” Gunner said Monday in a statement. “The legislation provides certainty for the project.”
Read more: Billionaires Tip More Cash Into Australia Solar Export Plan
Atlassian Corp. co-founder Mike Cannon-Brookes and iron ore billionaire Andrew Forrest are among backers of the plan to use a 4,200-kilometer (2,600-mile) high-voltage cable to export power from a giant solar and battery complex in northern Australia. The project is aimed at supplying enough electricity to meet 15% of Singapore's demand and targeting a 2026 start date.
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