Tech Billionaire’s Loan to Keep Singapore Solar Dream Alive

(Bloomberg) — Billionaire Mike Cannon-Brookes’ Grok Ventures will provide a loan of A$65 million ($45 million) to keep renewable energy operator Sun Cable afloat while management looks for a buyer.

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The financing will include six months without interest, Grok said in a statement Friday.

Sun Cable entered voluntary administration last week, amid a dispute between Atlassian Corp. Cannon-Brookes was founded by Andrew Forrest. Billionaire investors are divided over the potential of a proposal to export solar energy from Australia to Singapore.

The news of the injection of money came as the manager of FTI Consulting Inc. to creditors at the meeting on Friday, the company will continue its development process before the sale.

The FTI said it expects to appoint bankers to conduct a sale in the near future, which is expected to take about three months.

“We are looking to save the cost of Sun Cable and keep all options for the future of the project on the table,” the finance minister said. a companies and restructuring FTI John Park in a statement. “We will seek to secure the future interest of Sun Cable in a solid offer for the benefit of creditors and other stakeholders through a sale.”

The $30 billion project aims to build the world’s largest hydroelectric power plant and sell electricity to Singapore through 4,200 kilometers of undersea cable.

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