Mercury (Hobart)

Cannon-Brookes floats Sun Cable rescue plan

- PERRY WILLIAMS

BILLIONAIR­E Mike CannonBroo­kes has floated the idea of assembling a new investment consortium to reboot the troubled $30bn Sun Cable project.

Sun Cable was placed in voluntary administra­tion on Wednesday, derailing the biggest renewable energy project in the world after a spat between Mr Cannon-Brookes, the founder of software firm Atlassian and Fortescue Metals founder Andrew Forrest.

Sun Cable planned to build the world’s largest solar farm and battery storage facility in the Northern Territory by 2026, delivering an economic boost to the local economy and opening the path for a major clean energy export industry to Asia.

Both billionair­es are thought to have ruled out working together again on the project, prompting speculatio­n Mr Cannon-Brookes could rekindle ties with a big player like Brookfield, which previously partnered with the mogul on its failed AGL Energy takeover bid. Macquarie, one of the world’s biggest in

vestors in green energy, could be another target for Grok Ventures, Mr CannonBroo­kes private investment group. “We believe Sun Cable is a highly valuable company that will attract a lot of interest,” a Grok spokesman said.

“If there is an opportunit­y to remain invested alongside a consortium with constructi­ve partners it is something we would certainly consider.”

Dr Forrest’s Squadron harboured concern that Mr Cannon-Brookes was focused on the tech side of Sun Cable at the expense of getting the project built. However, Mr Cannon-Brookes said both aspects of the developmen­t were important to it proceeding.

“This is not just a constructi­on project,” he said. “There is a requiremen­t for the most sophistica­ted technology and engineerin­g capabiliti­es to meet the opportunit­ies ahead.”

FTI Consulting as administra­tors will also be focused on finding new investors, but it’s expected both Grok and Squadron will work up their own proposals.

“Ultimately, the process is being run by the administra­tors FTI Consulting who will be aiming to achieve the best, fairest and highest value outcome for all shareholde­rs and stakeholde­rs. We share that objective,” Grok said.

The Northern Territory government has been assured by Sun Cable chief executive David Griffin that the developmen­t would still go ahead.

“We have been given big assurances from the chief executive that they’re confident that they will get through this voluntary administra­tion process swiftly and that we can have confidence in this project going forward,” acting NT chief minister Nicole Manison said.

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