Administrator FTI Consulting has reported interest from multiple investors for the $35 billion Sun Cable project which was placed in administration in January after billionaire investors Mike Cannon-Brookes and Andrew Forrest disagreed on a way forward for the business.
“The shortlisted bidders include a range of potential buyers including parties that are not existing shareholders,” FTI said on 15 March. The administrator said interest was “strong”.
Cannon-Brookes investment company Grok Ventures and Forrest’s Squadron Energy are among the bidders.
A wide range of global infrastructure investors are likely to be interested in the asset.
FTI said it and investment bank Moelis, which will run the auction process, were now attempting “to progress a shortlist of bidders through to the submission of binding proposals by the end of April,” with a view to completing a sale at the end of May.
After previously working together to advance the project, Cannon-Brookes and Forrest disagreed on whether Sun Cable should push on with its proposal to deliver solar generated electricity to Singapore via a high-voltage underwater cable.
While Grok wanted the business to commit to developing the 4,200 kilometre cable, Squadron preferred to focus on a huge solar farm planned near Tennant Creek in the Northern Territory which could be used to power the production of green hydrogen.
The complete Sun Cable project has been advertised for sale, including development of the Singapore power link.