Part owner and Australian technology entrepreneur Mike Cannon-Brookes has salvaged the failed US$20 billion Sun Cable renewable energy project, the company’s administrators announced on Friday (May 26).
Sun Cable’s voluntary administrators will now collaborate with Helietta Holdings 1 Pty Ltd, a business linked with Cannon-Brookes’ Grok Ventures, to execute the acquisition, according to a statement.
The transaction is scheduled to be completed by the end of July.
The sale price was not disclosed, but the transaction is likely to pay Sun Cable’s unsecured creditors in full.