Grok Bails Out Sun Cable

• FTI Consulting has completed bidding process for Sun Cable and adjudged Grok Ventures as the winner
• Mike Cannon-Brookes has won the bid to acquire Sun Cable and its subsidiaries along with Quinbrook Infrastructure Partners
• NT government welcomed the announcement and said the project continues to enjoy Major Project Status

Mike Cannon-Brookes led Grok Ventures, along with Quinbrook Infrastructure Partners has won the bid to acquire Sun Cable Pty Ltd and its subsidiaries which hopefully brings to an end the fracas that stopped the world's largest planned solar and storage project with up to 20 GW PV capacity in its tracks.

The bidding process was carried out by FTI Consulting that took over the reins of the company after it entered voluntary administration early this year.

The Government of Northern Territory (NT) in Australia, where Sun Cable's solar and storage project Australia-Asia PowerLink (AAPL) will be located, welcomed the development saying the project continues to maintain its Major Project Status and that it will work with Grok Ventures and Quinbrook Infrastructure Partners to realize the same.

Northern Territory Chief Minister Natasha Fyles said, "With greater clarity over the Project's direction, the Territory Labor Government is committed to successfully completing the project for the benefit of our community and local suppliers, and securing ample supply of renewable power for the Territory."

Sun Cable that conceived the project with 42 GWh of energy storage capacity, entered voluntary administration in January 2023 as its 2 main shareholders Mike Cannon-Brookes and Andrew Forrest had difference of opinion on the project's funding proposals and future directions (see Sun Cable Announces Entering Voluntary Administration).

In April 2023, Sun Cable secured a non-binding LOI for the AAPL project with Australian mining group Tivan Limited (see Sun Cable's AAPL Project Still Alive).