, Australia

Sun Cable sale attracts multiple bids

The bidders included non-existing Sun Cable shareholders.

The sale of Sun Cable, the company that is building the largest solar energy infrastructure network in the world, has received multiple non-binding indicative offers from several parties.

In a statement, FTI Consulting said the bidders included parties that are not Sun Cable shareholders.

“The Administrators, together with Moelis+, are now seeking to progress a shortlist of bidders through to the submission of binding proposals by end of April 2023, with completion targeted at the end of May 2023,” it said.

Sun Cable aims to build the Australia-Asia Power Link project worth around $24.8b to supply renewable electricity to Singapore. The project will have 17 gigawatts (GW) to 20GW of solar power, and a battery with 36 GW-hours (GWh) to 42GWh of capacity.

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