The aspiring buyers of the massive Sun Cable solar and battery project in the Northern Territory have been given a few extra weeks to crunch the numbers on what would be the world’s biggest project of its type.
Sun Cable, the company behind the project, was put into administration in January after two of its major backers – the iron ore billionaire Andrew Forrest and the software billionaire Mike Cannon-Brookes – fell out over its business plan.
Cannon-Brookes wants the project to go ahead with its plans to lay a 4,200km cable to Singapore and sell the bulk of the power from the proposed 20GW solar farm and the 42GWh of batteries, but Forrest wants the facilities to focus on providing power for green hydrogen and local industry.
The administrators FTI Consulting and sale advisors Moelis reported last month that there had been considerable interest from various parties when they put the assets up for sale, including parties not associated with either of the two Australian billionaires.
In a statement late Wednesday, FTI said the final deadline for submission of binding bids for Sun Cable has been extended from late April to May 23.
“The sale process has progressed well to date, with a strong level of interest and extensive interaction with short listed parties,” the statement said.
“To enable these parties to complete their remaining due diligence, and in consideration of the recent Easter break, a short (around) 3 week extension has been granted for the submission of final binding bids. We look forward to concluding the process.”
The company has been able to retain the bulk of its employees thanks to an interest free $65 million loan from Cannon-Brookes private company Grok Investments, to ensure that the know-how and IP for company’s big export plans are not lost during the administration period.
The jewel in the company’s crown is the Australia-Asia Power Link, which proposes to build 20GW of solar, and up to 42GWh battery storage, along with an 900MW, 800km transmission line to Darwin, and a 4,200km sub-sea cable to provide a 1.75GW power connection to Singapore.
