Cannon-Brookes consortium wins control of $20b Sun Cable solar project
Investors - MAY 26, 2023

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Cannon-Brookes consortium wins control of $20b Sun Cable solar project

by Kali Persall

Australian technology entrepreneur Mike Cannon-Brookes’ Grok Ventures has won a competitive bidding process for control of the A$30 billion ($20 billion) Sun Cable renewable energy project in Australia, according to various news reports. Quinbrook Infrastructure Partners has emerged as part of the winning consortium.

Mike Cannon-Brookes was locked in a bidding battle with Andrew Forrest, an Australian businessman known as the former CEO of Fortescue Metals Group, who previously was Sun Cable’s other major shareholder. According to The Guardian, Cannon-Brookes and Forrest had a falling out over the future direction of Sun Cable, and the company went into voluntary administration.

The Australia Financial Review reports Sun Cable is said to require A$35 billion ($23 billion) in project funding, and the Cannon-Brookes consortium’s winning proposal will provide Sun Cable with A$65 million ($42 million) in interim funding while the process plays out.

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