Sun Cable, the company that envisioned the world's largest solar and storage project with up to 20 GW PV and 42 GWh energy storage capacity, is up for sale after its voluntary administrator FTI Consulting launched the process seeking bid proposals from interested investors.
According to Reuters, FTI has hired the services of MA Moelis Australia and Moelis & Company LLC as sale advisor for the company. Proposals will be accepted till the end of April 2023 with an aim to either recapitalize it or sell it off altogether.
Recently, Mike Cannon Brookes led Grok Ventures was reported to have loaned $65 million to Sun Cable to help it sustain till the sale process is complete, which FTI expects by May 2023-end.
The Asia-Australia Power Link (AAPowerLink) project aimed to generated solar power in Australia's Northern Territory with plans to supply it to Singapore via subsea cables. Its future was promising with 2 Australian billionaires backing it, Mike Cannon-Brookes and Andrew Forrest.
However, in January 2023 the company said it was entering voluntary administration due to lack of consensus on funding proposals and its future direction among shareholders (see Sun Cable Announces Entering Voluntary Administration).