(Bloomberg) -- The Sun Cable project that aims to export solar power from Australia’s Outback to Singapore is targeting a final investment decision in early 2024 after winning new support.

Construction on the A$30 billion ($20.7 billion) operation is expected to begin in the same year, and the development will seek to be in full operation by 2029, the company said Friday in a statement. Sun Cable has now been categorized as investment ready by Infrastructure Australia, the statutory body that advises the nation’s government on major projects, opening up the potential to access public funds. 

Backed by Atlassian Corp. co-founder Mike Cannon-Brookes and iron ore billionaire Andrew Forrest, Sun Cable intends to use a 4,200-kilometer (2,600-mile) high-voltage undersea cable to export power from a giant solar and battery complex in northern Australia. 

Read more: Billionaires Tip More Cash Into Australia Solar Export Plan

The project, which is aimed at producing power for local use and enough electricity for export to meet 15% of Singapore’s demand, secured A$210 million of funding in March.

At least A$8 billion of investment in Australia will be needed to develop the operation, and it should provide about 800 megawatts of electricity for northern Australia, which could support the creation of new industries in the region, Sun Cable said.

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