Energy Transition

Bidders circle $21bn 'battle of the billionaires' green power mega-project Sun Cable

Multiple offers for giant Australia-Singapore solar export plan that entered administration amid discord between tycoon backers Andrew Forrest and Mike Cannon-Brookes

Andrew Forrest is a backer of Sun Cable.
Andrew Forrest is a backer of Sun Cable.Foto: FFI

Several bidders are circling Sun Cable – one of the world’s largest renewable energy projects that entered administration amid discord between its two billionaire backers.

Administrators FTI Consulting claimed “strong interest” and a number of non-binding indicative offers for the business, which is seeking to advance a A$30bn ($21bn) plan to pipe massive amounts of solar power from Australia to Singapore.

Sun Cable entered voluntary administration in January after saying there was a lack of “consensus on the future direction and funding structure of the company”.
That was widely reported to refer to a disagreement between Sun Cable's two high-profile backers – software tycoon Mike Cannon-Brookes, who once memorably quipped that the plan was “insane”, and mining billionaire Andrew Forrest – over the next steps for the project and its financing.

Sun Cable want to export power to Singapore from up to 20GW of PV in Australia’s Northern Territory via a 4,200km HVDC cable. Forrest – one of the world’s highest-profile backers of green hydrogen projects – is reported to want to scrap the cable plan and focus on generation for green fuels.

FTI Consulting said the interested bidders include “parties that are not existing Sun Cable shareholders”.

The administrator expects to complete the bidding process by the end of May.

Forrest’s Squadron Energy in December emerged as the victor in the last big bidding war for Australian renewables assets when it secured developer CWP Renewables in deal worth A$4bn.

Other parties reportedly interested in CWP included global green power giant Iberdrola, developer Tilt Renewables and Canadian investor CDPQ.

(Copyright)
Sun Cable's plan.Foto: Sun Corp
Published 15 March 2023, 09:14Updated 15 March 2023, 09:14
Asia-PacificAustraliaAndrew Forrestsolar