February 3 (Renewables Now) - The cash-strapped company behind the AUD-30-billion (USD 21.19bn/EUR 19.45bn) Australia-Asia PowerLink (AAPowerLink) project that is set to deliver power to Singapore from a huge solar farm in Australia is due to be sold by the end of May, Bloomberg reports.
Sun Cable Pty Ltd, which in January entered into voluntary administration, has secured debt financing of AUD 65 million from billionaire Mike Cannon-Brookes, one of its major backers, to continue its projects during the sale process. Administrators from FTI Consulting have said that binding offers for the firm’s acquisition or recapitalisation will be sought by the end of April. The process is intended to be wrapped by the end of the following month.
According to the report, iron ore magnate Andrew Forrest, another investor in the collapsed entity, is among the potential parties considering a bid for Sun Cable, which has supposedly accumulated debt of more than AUD 10 million.
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.
(AUD 1.0 = USD 0.707/EUR 0.648)
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