Saving the world’s largest solar project with a deal that sets the stage for final investment decision

Nearly 4 months after he announced his hiatus and went on sale, the world’s largest solar project faced a new rescue attempt by Australian billionaire Mike Cannon-Brookes; what renews the ambitions of exporting clean electricity to Singapore and Indonesia.

A coalition led by Grock Fincher – the billionaire Brooks investment arm – successfully acquired a company “Sun Cable”, that operates of the project, after falling victim to a dispute between the main owners Brooks and billionaire Andrew Forrest

It is scheduled to complete the final procedures of the deal by the end of next July. Which paves the way for the announcement of the final investment decision of the project, as pursued by the specialized energy platform.

The bid by billionaire Mike Brooks succeeded in saving the world’s largest intercontinental solar project Power Link, having entered a dark tunnel since it went on sale in early February 2023.

A coalition led by Brooks’ investment arm Grock Fincher was announced as the acquisition of all-project and asset operator Sun Cable, including plans to export solar power via sea lines to Singapore and Indonesia, as well as battery storage.

FTI Consulting, which has been in the process of selling and managing assets since last February, explained that an agreement was signed to sell Sun Cable assets to Helita Holding, a subsidiary of billionaire Brooks investment arm, Groke Fincher.

The acquisition of the world’s largest solar project allows Sun Cable assets to be transferred to the new joint entity, Helita Holding, and the deal to be completed by July with a maximum lead-up to the announcement of the final investment decision for the first phase of the Power Link project.

The world’s largest solar project began in 2018 under the management of Sun Cable as a joint venture between Australian billionaires Mike Cannon-Brookes and Andrew Forrest. The project’s objective is to establish a 20-GW solar station and battery storage capacity up to 42 GWh, and to strengthen the project by establishing a 4-thousand-200-kilometre sea line.

The first phase of the project was aimed at delivering clean electricity of less than 1 gigawatts to Australia’s Northern Territory capital, Darwin, and 1.8 gigawatts to Singapore.

The participants looked forward to the ability of the world’s largest solar project to meet some of Australia’s domestic demand, in addition to connecting electricity with the Asian continent, equivalent to meeting 15% of Singapore’s demand and also delivering clean electricity to Indonesia.

While the development plans were moving forward, there was a disagreement between the two partners over “project plans, financing”, Brooks upheld previously stated goals while Andrew Forrest reserved for export across the maritime line; Supply is likely to be made available for local use in renewable energy and hydrogen projects.

The disagreement between the two tendencies towards suspending the project and placing Sun Cable under voluntary administration led to the end of its sale months ago.

Australian billionaire Cannon Brookes, described the acquisition of Sun Cable and PowerLink as an important step to save the company from being voluntarily managed, and to pursue export ambitions from the project, which is an intercontinental electricity network.

Brooks noted that Sun Cable and PowerLink’s potential means a lot to Australia by breaking into the world of solar electricity exports; this enhances the expansion of his country’s renewable energy ambition.

The acquisition partner Queen Brook seeks to continue the world’s largest solar project in collaboration with Groke Fincher and billionaire Brooks.

The founder and managing partner of Queen Brook Group, David Skice Brook, said there was a trend to focus on leveraging solar potential in northern Australia, integrating this potential with storage technologies; to reduce emissions at higher rates.

The new alliance is to begin consultations with government and stakeholders in the Australian city of Darwin and Singapore; To coordinate procurement agreements.

Source: https://attaqa.net/

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