Australian billionaires are pouring money into the world’s largest solar and battery project. 

Mike Cannon-Brookes and Andrew Forrest are leading fresh capital raising for Sun Cable - a plan for a giant solar and battery storage facility in the Northern Territory.

Sun Cable’s solar farm of up to 20GW should be backed by a battery of between 36GWh and 42GWh, if it can get the money together. 

Its most recent update says the venture has raised AU$210 million in a Series B capital raising from existing shareholders.

This includes money from Grok Ventures, the investment firm of tech billionaire Cannon-Brookes and his wife, and Squadron Energy, privately owned by iron ore billionaire Forrest.

“Sun Cable has developed unique intellectual property to facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects,” Sun Cable CEO David Griffin said in a statement.

“We have developed a world leading capability in four short years. We are thrilled to have materially strengthened our resources with the support of all of our shareholders, who are such strong advocates for our mission.

“This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi gigawatt scale projects, and support the progress of key facilitating assets.”