- Australia-Asia PowerLink project (AAAPowerLink), valued at AUD 30 billion, will now be put up for sale before the end of January.
- The project sale is expected to take up to three months.
The Australia-Asia PowerLink project (AAAPowerLink), valued at AUD 30 billion, ready to supply power to Singapore from a solar farm in Australia, will now be put up for sale before the end of January, Reuter reports.
The proposition to make the sale comes after the voluntary administration of the company behind the ambitious scheme – Sun Cable Pty Ltd. Earlier the month, Sun Cable revealed that it hoped the administration would provide additional capital for the further development of its flagship project.
The project sale is expected to take up to three months with an adviser for the process to be picked shortly, administrators from FTI Consulting have said.
Sun Cable shared that it resorted to the administration due to “the absence of alignment with the objectives of all shareholders.” The major investors in the company include billionaire Mike Cannon-Brookes, and Andrew Forrest’s Squadron Energy. The report stated that Mike Cannon-Brookes’ company, Grok provided AUD 65 million in short-term financing for the collapsed business.
The AAPowerLink envisages the import of electricity into Singapore from a solar park between 17 GWp and 20 GWp in Australia’s Northern Territory, coupled with 36 GWh to 42 GWh of batteries. Power exports must be carried out via a 4,200 km undersea transmission cable.
Sun Cable aimed to begin construction in 2024 and commence the supply of electricity to Darwin in 2027. Full operations were targeted by 2029.