January 23 (Renewables Now) - The AUD-30-billion (USD 20.89bn/EUR 19.24bn) Australia-Asia PowerLink (AAPowerLink) project that is set to deliver power to Singapore from a huge solar farm in Australia will be put up for sale before the end of January, Reuters reports.
The proposed sale follows the voluntary administration of the company behind the ambitious scheme – Sun Cable Pty Ltd. Earlier this month, the renewable energy developer said it hoped the administration process to provide additional capital for the further development of its flagship project.
AAPowerLink’s sale is anticipated to take about three months, with an adviser for the process to be picked shortly, administrators from FTI Consulting have said.
Sun Cable explained it had resorted to the administration due to “the absence of alignment with the objectives of all shareholders.” The company’s major backers are billionaire Mike Cannon-Brookes, through his private investment company Grok Ventures, and iron ore magnate Andrew Forrest’s Squadron Energy. According to the report, Grok has provided AUD 65 million in interim financing for the collapsed business.
The AAPowerLink envisages the import of electricity into Singapore from a solar park of between 17 GWp and 20 GWp in Australia’s Northern Territory, to be coupled with 36 GWh to 42 GWh of batteries. Power exports are to be carried out via a 4,200-km (2,610-mile) undersea transmission cable.
Sun Cable aimed to begin construction in 2024 and start supplying electricity to Darwin in 2027. Full operations were targeted by 2029.
(AUD 1.0 = USD 0.696/EUR 0.641)