Cannon-Brookes vehicle to buy Sun Cable out of administration

May 26, 2023 10:17 AM ET
  • Sun Cable will certainly be gotten by an entity affiliated with Grok Ventures, a financial investment vehicle of Australian billionaire Mike Cannon-Brookes, as revealed on Friday by the voluntary administrators of the company, namely FTI Consulting.
Cannon-Brookes vehicle to buy Sun Cable out of administration

Sun Cable is proceeding the AUD-30-billion-plus (USD 19.6 bn/EUR 18.2 bn) Australia-Asia PowerLink (AAPowerLink) project, meant to deliver sustainable electrical power to Darwin and also Singapore. Backed by billionaires Andrew Forrest and also Mike Cannon-Brookes, it got in voluntary administration in January due to an absence of consensus amongst shareholders on the company's financing structure. Multiple offers were submitted to business' managers.

The sale is anticipated to be completed by the end of July 2023. FTI Consulting claimed that the purchaser plans to continue to progress the AAPowerLink project to a last financial investment choice with a preliminary stage to provide 0.9 GW of generation to Darwin and also 1.8 GW to Singapore.

Clean energy capitalist Quinbrook Infrastructure Partners is a partner in the customer consortium, Grok claimed individually as well as included that it expects collaborating with its financial investment companions and also management to supply on Sun Cable's ambitious renewable energy projects.

Mike Cannon Brookes commented: "A big step in the ideal instructions. We've constantly relied on the possibilities Sun Cable provides in exporting our boundless sunshine, as well as what it could indicate for Australia. It's time to stretch our nation's aspiration. We need to take big swings if we are going to be a renewable energy superpower. So turn we will."

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