SunCable's Australia-Asia Power Link project in the remote Northern Territory has received crucial approval from the Commonwealth government.
The company plans to build a 10-gigawatt, 12,400-hectare solar farm near Elliott and transport electricity to Darwin via an 800-kilometre overhead transmission line, then on to Singapore through a subsea cable.
The project was assessed and approved by Tanya Plibersek, minister for the environment and water, under the Environment Protection and Biodiversity Conservation Act (EPBC).
However, it comes with strict conditions to protect nature including requirements to completely avoid important species like the greater bilby and critical habitat.
"This massive project is a generation-defining piece of infrastructure," Ms Plibersek said.
"It will be the largest solar precinct in the world – and heralds Australia as the world leader in green energy."
The approval paves the way for the next phase of development to deliver industrial-scale electricity to customers. But it still has some way to go, with a final investment decision not expected until 2027.
"Today's announcement is a vote of confidence in the project and SunCable itself as responsible stewards of the local Northern Territory environment," SunCable Australia's managing director Cameron Garnsworthy said.
Mr Garnsworthy said SunCable was pleased to receive the decision after four years of "extensive assessment and public consultation with stakeholders around Australia".
"SunCable will now focus its efforts on the next stage of planning to advance the project towards a Final Investment Decision targeted by 2027."
The project is expected to create 1,750 jobs during construction and 350 jobs ongoing over its 70-year operational life.
However, the Victoria Energy Policy Centre's Bruce Mountain has questioned the long-term profitability of the venture.
"I find it difficult to imagine that this could be profitable," Professor Mountain said.
"But as long as they are spending their own, not taxpayers' money, good luck to them."
The NT government and NT Environment Protection Authority granted environmental approval for the project last month.
In July, NT Environment Minister Kate Worden said the proposal had "been through a rigorous environmental approval process" and would be "a great asset to the Territory".
However, SunCable still needs to negotiate Indigenous land use agreements with a number of different traditional owner groups along the transmission line route to Darwin.
"Major new projects like Sun Cable will keep driving up the dominance of solar and wind – delivering affordable energy and slashing climate pollution," Climate Council chief executive Amanda McKenzie said in a statement.
"With the closure of coal-fired power stations on the horizon, Australia needs to accelerate the roll-out of solar and storage at every level — rooftops, large-scale projects, and everything in between."
SunCable was formed in 2018 by several people, including former chief executive David Griffin, based across Singapore and Australia.
At the heart of the plan was an ambition to transform Australia, one of the world's biggest miners, into an exporter of renewable energy.
The aim was to send most of the renewable power generated to the gas-dependent island nation of Singapore.
The company was taken over by billionaire and co-founder of software company Atlassian Mike Cannon-Brookes in May 2023, after falling out with former project partner Andrew Forrest.