Grok Ventures affiliate buys Sun Cable

Helietta Holdings plans to continue to develop the cross-border electricity project.

Helietta Holdings 1 Pty Ltd, an entity affiliated with Grok Ventures, has bought the embattled renewable energy developer Sun Cable through an Asset Sale Agreement.

In a statement, FTI Consulting, voluntary administrators of Sun Cable, said Helietta has acquired all of the RE developer’s assets and shares in all of its subsidiaries.

“The Buyer’s intention is to continue to progress the Australia-Asia Power Link project to a Final Investment Decision with Stage 1 to deliver 0.9 gigawatts (GW) of generation into Darwin and 1.8 GW into Singapore,” it said.

FTI Consulting said the transaction is expected to be completed on or before the end of July, adding that the transaction is seen to allow unsecured creditors of Sun Cable to be fully paid.

Sun Cable was put on sale due to the lack of consensus with the shareholders' objectives. Its investors were Mike Cannon-Borokes’ Grok Ventures, and Andre Forrest’s Squadron Energy.