Tech billionaire Mike Cannon-Brookes’ private investment company Grok Ventures has finalised its purchase of the Sun Cable project, and has reaffirmed plans to build Australia’s largest solar farm near Tennant Creek to supply of electricity to Singapore via an undersea cable from Darwin.

The sale, finalised Thursday, included all of Sun Cable’s’ assets – including the shares in its operating subsidiaries – and Mr Cannon-Brookes told media he believed the company was well-progressed and in a strong position to bring the project, known as as AAPowerLink, to life, planning to lodge a submission to Singaporean authorities as soon as this month to supply power to the island state.

“Sun Cable’s projects are ambitious,” Mr Cannon-Brookes told the media, “However, this ambition is proportionate to the challenges and opportunities of the renewable energy transition.

“So while I acknowledge some people might think it’s too ambitious, we don’t believe it is.

“Frankly, the technology exists to make this happen. We’re extremely confident that modern cable technology can reliably carry more electricity over long distances and through deeper waters than was possible in the past.

“Sun Cable’s AAPowerLink project has all the component parts to make the next great Australian infrastructure initiative possible.”

Sun Cable was placed into administration in January after Mr Cannon-Brookes, and fellow billionaire and part-owner Andrew Forrest, disagreed on the objectives of the company and funding that should go into it. Grok Ventures beat out Mr Forrest for control of the company in May.

The AAPowerLink project would consist of a 12,000 ha solar farm at Powell Creek north of Tennant Creek, a 6.4GW, 800km overhead transmission line to Darwin, supplemented by 36-42 GW hours of battery storage, and then a 4,300km sub sea transmission line to Singapore.

The company says that under initial development stage plans, 900MW of electricity would stay in the NT to be used in the proposed Middle Arm industrial area, with 1.75GW to be delivered to Singapore later. There is a also a subsequent aim of supplying an additional 3GW of power to customers in Darwin.

Chief Minister Chief Minister Natasha Fyles said in a statement the Territory’s project development agreement was moved from Sun Cable Pty Ltd to its new owner on August 21.