Mike Cannon-Brookes snaps up $35b Solar Cable mega-project from collapse

Tech billionaire Mike Cannon-Brookes has prevailed over mining tycoon Andrew “Twiggy” Forrest in a months-long bidding battle to amass the collapsed Solar Cable mega-project in northern Australia from directors.

Cannon-Brookes and Forrest – two of Australia’s richest males and previously the largest traders within the unbuilt $35 billion Solar Cable venture – had lobbed competing affords to take management of the collapsed entity in a closed-doors sale course of performed by directors FTI Consulting, which concluded on Friday afternoon.

Friction between Mike Cannon-Brookes and Andrew Forrest led Solar Cable into administration.Credit score: Bloomberg, Trevor Collens

In an announcement, FTI confirmed Solar Cable had entered into an asset sale settlement with Helietta Holdings, an entity linked to Cannon-Brookes’ privately owned Grok Ventures, which might purchase all of Solar Cable’s property.

Cannon-Brookes described the deal as a “large step in the fitting route” for Solar Cable.

“We’ve all the time believed within the prospects Solar Cable presents in exporting our boundless sunshine, and what it may imply for Australia,” the billionaire co-founder of software program big Atlassian stated.


“It’s time to stretch our nation’s ambition. We have to take large swings if we’re going to be a renewable power superpower. So swing we are going to.”

Solar Cable – an organization with bold plans to construct an enormous 20-gigawatt photo voltaic and battery farm within the Northern Territory that might hyperlink to Singapore through a 4200-kilometre underwater cable – was plunged into voluntary administration this yr amid a disagreement between Cannon-Brookes and Forrest over the enterprise’s future.

Squadron Vitality, a part of Forrest’s personal Tattarang Group, now not supported constructing the cable to hyperlink a portion of the venture’s renewable power to Singapore resulting from issues about value blowouts and doubts about its viability. Squadron Vitality as an alternative favoured a plan for all its clear power output for use domestically.

Grok has emphasised its ongoing assist for Solar Cable’s unique plan, which included the facility hyperlink to Asia.

Extra to return.

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