Acquisition of Sun Cable by Cannon-Brookes completed
Post date: 08/09/2023 - 12:55
Singapore-based Sun Cable is fully owned by Australian billionaire Mike Cannon-Brookes' investment firm Grok Ventures since Wednesday (Sept. 6). All assets, including shares in operating subsidiaries, became the property of Grok Ventures as of that date, according to a Sun Cable release. It said the company can now focus on implementing the Australia-Asia Power Link (AAPowerLink) project.
AAPowerLink involves connecting solar and storage power plants in Australia's Northern Territory via an 800-kilometer high-voltage DC line to Darwin and from there with an approximately 4,300-kilometer submarine high-voltage DC line via Indonesia to Singapore. SunCable says the solar power capacity to be created in the Northern Territory for this purpose is »up to 20 gigawatts.«
The company had voluntarily initiated insolvency proceedings in January because the second major investor still involved at the time, Andrew Forrest, a partner and former board member of mining company Fortescue Metals Group, was unable to reach an agreement with Cannon-Brookes on the alignment. Forrest had pleaded for the subsea cable to be abandoned.