Mike Cannon-Brookes snaps up $35b Sun Cable mega-project from collapse

Forrest on Friday congratulated Cannon-Brookes, saying “any project that takes the world closer to real zero is a positive for the planet”.

The billionaire chairman of iron ore miner Fortescue said Squadron, which is now Australia’s biggest owner of renewable energy after buying CWP Renewables, had decided the capital allocation did not align with its strategic goals, and ultimately did not participate in the final “binding-bid” process.

“We are already working to deliver 30 per cent of the renewable energy required to meet the federal government’s target of 82 per cent renewables by 2030, and want to bring green electrons to the grid as soon as possible,” Forrest said.

“We remain unconvinced of the commercial viability of the Australia-Asia power link, but if others believe it can be achieved, we wish them all the best.”

Grok on Friday emphasised its ongoing support for Sun Cable’s original plan, which includes the power link to Asia, saying it was confident the project could achieve success by delivering “globally competitive electrons to Australia and around the world”.


“We will continue to pursue customer off-take agreements in Singapore and Darwin, and collaborate with the Singaporean and Northern Territory governments to achieve this mission,” a Grok spokesperson said.

“We are excited to do this with a group of old and new investors to Sun Cable, who bring significant experience to renewables project delivery, and who will assist management.”

David Scaysbrook, the Australian-based managing partner of Quinbrook Infrastructure Partners, Grok’s partner in the Sun Cable bidding consortium, said the company was pleased to have supported the successful offer, and would bring its extensive experience in developing large-scale renewable energy projects across the world.

“With construction well underway on the largest solar and storage projects ever undertaken in the US and the UK, it is well positioned to assist Grok to complete the development of what promises to be not only one of the largest renewables projects in Australia, but a project of global significance,” Scaysbrook said.

“Sun Cable is a visionary undertaking by any measure.”

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