Chief Minister welcomes Mike Cannon-Brookes’ winning bid for Sun Cable

The Chief Minister has welcomed billionaire Mike Cannon-Brookes winning control of Australia’s biggest renewables project, which promises to turn the Territory into a clean energy powerhouse.

The Northern Territory government has welcomed Mike Cannon-Brookes’ winning bid for control of the $30bn Sun Cable export venture as a positive outcome for the NT, after the billionaire’s tussle with Andrew ‘Twiggy’ Forrest over the deal came to an end this week.

Dr Forrest withdrew his interest in the deal on Thursday, leaving the Atlassian co-founder the favourite to acquire Australia’s biggest renewable energy project.

Chief Minister Natasha Fyles said she looked forward to working with Mr Cannon-Brookes’ Grok Ventures and its partnering investment firms to “ensure the best possible outcome for the Northern Territory”.

“With greater clarity over the Project’s direction, the Territory Labor government is committed to successfully completing the project for the benefit of our community and local suppliers, and securing ample supply of renewable power for the Territory,” Ms Fyles said.

“The Australia-Asia Power Link continues to maintain its Major Project Status, and we recognise the significance of this project for the Northern Territory and our region.”

Atlassian CEO Mike Cannon-Brookes emerged as favourite to secure control of the $30bn Sun Sable deal this week. Picture: Toby Zerna

The Australia-Asia PowerLink is Sun Cable’s flagship project that plans to develop the world’s largest solar farm and battery storage in the NT, running a 4200km undersea cable from Darwin to Singapore to provide power to the region.

Sun Cable was placed into voluntary administration in January after Mr Cannon-Brookes and Dr Forrest clashed over funding, management and direction of the company.

Voluntary Administrators FTI Consulting confirmed in a statement on Friday the Grok Ventures-led consortium had entered into an Asset Sale Agreement to acquire substantially all of Sun Cable assets, including shares in all of Sun Cable’s subsidiaries.

The transaction is expected to be completed by the end of July.

Ms Fyles’ government said its engagement with the administrators to date had been productive and it would work with FTI Consulting and Grok Ventures to deliver the deal.

The government’s primary focus will remain on the Australia-Asia PowerLink project, which it claims has capacity to deliver a significant amount of renewable energy for the Territory and establish it as a low-emissions, green industrial and manufacturing hub.

Dr Forrest decided against submitting a binding bid for Sun Cable primarily due to scepticism of the PowerLink project’s viability.

The Darwin-Singapore cable would be more than five times longer than the largest undersea link ever constructed, and experts have warned it could be exposed to diplomatic and sovereign risk as it runs near Indonesian territorial waters.