Mike Cannon-Brookes snaps up $35b Sun Cable mega-project from collapse

1 week ago 19

We’re sorry, this diagnostic is presently unavailable. We’re moving to reconstruct it. Please effort again later.

Skip to sections navigation Skip to content Skip to footer

Tech billionaire Mike Cannon-Brookes has prevailed implicit mining tycoon Andrew “Twiggy” Forrest successful a months-long bidding conflict to get the collapsed Sun Cable mega-project successful bluish Australia from administrators.

Cannon-Brookes and Forrest – 2 of Australia’s richest men and formerly the biggest investors successful the unbuilt $35 cardinal Sun Cable task – had lobbed competing offers to instrumentality power of the collapsed entity successful a closed-doors merchantability process conducted by administrators FTI Consulting, which concluded connected Friday afternoon.

Friction betwixt Mike Cannon-Brookes and Andrew Forrest led Sun Cable into administration.

In a statement, FTI confirmed Sun Cable had entered into an plus merchantability statement with Helietta Holdings, an entity linked to Cannon-Brookes’ privately owned Grok Ventures, which would get each of Sun Cable’s assets.

Cannon-Brookes described the woody arsenic a “big measurement successful the close direction” for Sun Cable.

“We’ve ever believed successful the possibilities Sun Cable presents successful exporting our boundless sunshine, and what it could mean for Australia,” the billionaire co-founder of bundle elephantine Atlassian said.

“It’s clip to agelong our country’s ambition. We request to instrumentality large swings if we are going to beryllium a renewable vigor superpower. So plaything we will.”

Sun Cable – a institution with ambitious plans to physique a elephantine 20-gigawatt star and artillery workplace successful the Northern Territory that would nexus to Singapore via a 4200-kilometre underwater cablegram – was plunged into voluntary medication this twelvemonth amid a disagreement betwixt Cannon-Brookes and Forrest implicit the venture’s future.

Squadron Energy, portion of Forrest’s backstage Tattarang Group, nary longer supported gathering the cablegram to nexus a information of the project’s renewable vigor to Singapore owed to concerns astir outgo blowouts and doubts astir its viability. Squadron Energy alternatively favoured a program for each its cleanable vigor output to beryllium utilized domestically.

Grok has emphasised its ongoing enactment for Sun Cable’s archetypal plan, which included the powerfulness nexus to Asia.

More to come.