Sun Cable in revamp as Cannon-Brookes’ Grok takes charge
The Sun Cable solar export venture will this month apply for a licence in Singapore to import energy as it pushes ahead with the project after the completion of the sale on Thursday to billionaire businessman Mike Cannon-Brookes’ Grok Ventures.
The venture also announced on Thursday it will set up a plant to manufacture and test the high-voltage cable it needs for the underwater interconnector between Darwin and Singapore. The plant is expected to be in Australia, with the location to be announced shortly.
Mike Cannon-Brookes says the Sun Cable project will create more local jobs and support green manufacturing.
Under a restructuring of the venture under its new ownership – which resulted from its sale from voluntary administration earlier this year – it is being split into two project streams.
While Grok is 100 per cent owner of both parts, its partner Quinbrook Infrastructure Partners will oversee SunCable Australia, the onshore part of the cable project in Australia, while SunCable International will involve the offshore cable to Singapore. Quinbrook holds an option to invest in the onshore part of the project in the future.
The venture has also seen a shake-up of its executive ranks, with former SunCable chief executive David Griffin having exited – as flagged by The Australian Financial Review’s Street Talk column in June – and continuing in a consulting role to the firm.
Mitesh Patel has been named interim CEO and chief operating officer of the international part of the venture, while Mark Branson will continue as chief development officer of SunCable Australia.
The project involves a proposed 20 gigawatt solar farm near Tennant Creek in the Northern Territory, an 800 km overhead transmission line to Darwin, a
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