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Tussling billionaires join chase for stalled Sun Cable project

Bloomberg3/18/2023 12:57 AM GMT+08  • 2 min read
Tussling billionaires join chase for stalled Sun Cable project
Solar panels. Photo: Bloomberg
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Billionaires Andrew Forrest and Mike Cannon-Brookes, whose dispute over strategy prompted the collapse of Australia’s Sun Cable, are among parties who’ve made offers to acquire the clean energy startup.

Cannon-Brookes’s Grok family office and Forrest’s Squadron Energy unit have both put forward proposals, according to people familiar with the matter, who asked not to be identified as the information is private.

The billionaires, both existing investors in Sun Cable, are among a group of bidders that includes overseas entities, two of the people said.

Representatives for Grok and Squadron both declined to comment. Administrator FTI Consulting Ltd. declined to comment.

FTI and adviser Moelis & Co. said Wednesday a sale process had attracted multiple initial bids, and that they would seek to progress to binding proposals next month and to complete a sale by the end of May.

Sun Cable entered into voluntary administration in January after Forrest withdrew support for a strategy backed by other investors, including Cannon-Brookes, to export solar power to Singapore via a 4,200-kilometre (2,600-mile) submarine cable. Forrest favoured using the generation capacity domestically to produce green fuels.

See also: Managing climate risk remains a growing priority for Asian SMEs; most willing to allocate 20% of budget to ESG efforts

Singapore, which currently generates 95% of its electricity from natural gas, on Thursday took steps to advance other options to import clean power from neighbours Indonesia and Cambodia.

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