Sun Cable sale draws multiple bidders

The sales process for Sun Cable Pty Ltd, the company behind the Australia-Asia PowerLink (AAPowerLink) project between Australia and Singapore, has attracted strong interest, the business’ administrators from FTI Consulting said on Wednesday.

Multiple parties have submitted non-binding indicative offers for the company, which entered voluntary administration in January after “the absence of alignment with the objectives of all shareholders.” Sun Cable is backed by Australian billionaires Andrew Forrest and Mike Cannon-Brookes.

The administrators now aim to progress a shortlist of bidders through to the submission of binding proposals by end of April and expect to complete the process at the end of May 2023. The shortlist includes bidders that are not current Sun Cable shareholders, they said.

The AAPowerLink project, worth an estimated more than AUD 30 billion (USD 19.9bn/EUR 18.9bn), is set to deliver power to Singapore from a huge solar farm in Australia.

(AUD 1 = USD 0.664/EUR 0.629)

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