Mar 14, 2023
Collapsed $20 Billion Sun Cable Project Receives Multiple Bids
(Bloomberg) -- A collapsed A$30 billion ($20 billion) project to export Australian renewable energy to Singapore has received initial takeover offers from multiple bidders.
Administrators will now seek to progress to binding proposals by the end of April and to complete a sale by the end of May, FTI Consulting and sale adviser Moelis & Co. said Wednesday. Bidders included prospective buyers that aren’t existing shareholders in the project.
Sun Cable entered into voluntary administration in January after a disagreement between two key investors — mining magnate Andrew Forrest and tech tycoon Mike Cannon-Brookes — over whether the project should maintain its original plan to export solar power to Singapore through a giant cable, or instead use it to create green fuels.
Forrest’s Squadron Energy has been studying options to take control of the project, people familiar with the firm’s plans said in January.
Representatives for Squadron weren’t immediately available to respond, while Cannon-Brookes’ Grok family office declined to comment.
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