Sun Cable sale confirmed, aim is to proceed with Australia-Singapore power link: Statement
HONG KONG – The collapsed US$20 billion Sun Cable renewable energy project has been rescued by part owner and Australian technology entrepreneur Mike Cannon-Brookes, the company said on Friday.
Voluntary administrators of Sun Cable will now work with Helietta Holdings 1 Pty Ltd, an entity affiliated with Cannon-Brookes’ Grok Ventures to complete the transaction, Sun Cable said in a statement.In the statement, it said the buyer’s intention was to continue to progress the Australia-Asia Power Link project to a final investment decision with stage 1 to deliver 0.9 gigawatts of generation into Darwin and 1.8 GW into Singapore.
The administrators would work with the buyer to facilitate ongoing development of power link in the period up to completion.
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