Australian software mogul Cannon-Brookes appointed chairman of clean energy start-up Sun Cable

SYDNEY Australian software mogul Mike Cannon-Brookes was appointed chairman of the clean energy start-up Sun Cable, which is hoping to secure funding for a proposed $30 billion-plus $19.3 billion-plus solar power export project.

Sun Cable plans to provide solar power from Australia to Singapore and eventually Indonesia through the world's longest subsea high voltage cable, which is linked to a 17 -- 20 gigawatt solar farm, as well as an energy storage facility of up to 42 GWh in Australia's Northern Territory.

Cannon-Brookes, co-founder of Atlassian project management software company and investor in Sun Cable since 2019, said he was thrilled to take over the role at the company, which is yet to break ground on the planned 4,500 km 2,800 mile undersea cable.

Australia can be a leader in clean energy exports. Sun Cable is at the forefront of making Australia a renewable energy superpower, Cannon-Brookes said in a statement.

Sun Cable Chief Executive David Griffin pointed out Cannon-Brookes' experience in rapidly building a business to a global scale. In June, Infrastructure Australia, an independent body that oversees infrastructure projects, gave a ready tick to the project, backed by iron ore magnate and Fortescue Metals founder Andrew Forrest.

The construction is scheduled to start in 2024 with full operations beginning in 2029.

The capital raising for the project is underway after Sun Cable appointed Macquarie Capital, Moelis Co and MA Financial Group as financial advisers in July. The goal is to wrap up in early 2024.

Cannon-Brookes is making waves in corporate Australia, most recently through his attempt to buy AGL, Australia's largest electricity generator, and to close AGL's coal-fired power plants by the end of the decade.