Grok takes full stake in massive solar project SunCable

The sale of SunCable is complete, months after a dispute between its billionaire backers threatened to derail the massive solar infrastructure project.

The sale to Mike Cannon-Brookes' Grok Ventures was finalised on Thursday.

SunCable's Australia-Asia Power Link plan involves collecting Northern Territory sunshine via a massive 120sq km solar farm and transmitting 1.8 gigawatts to Singapore through the world's longest undersea power cable.

"Today marks an exciting next chapter in SunCable's history as the company moves forward under new ownership, but (with) the same enthusiasm and vision we had from day one," Mr Cannon-Brookes told reporters on a conference call.

He called SunCable a "world-changing project" and said it had received strong interest from customers in both Darwin and Singapore.

The Atlassian co-founder acknowledged that some people thought it was too ambitious, but he disagreed.

"Frankly, the technology exists to make this happen," Mr Cannon-Brookes said.

"We're extremely confident that modern cable technology can reliably carry more electricity over longer distances and through deeper water than was possible in the past."

The project's other previous backer, Fortescue Metals executive chairman Andrew Forrest, had disagreed on this point, with Mr Forrest proposing to scrap the Singapore subsea cable portion of the project when costs skyrocketed.

The friction between the pair landed SunCable in voluntary administration, with Mr Cannon-Brookes ultimately buying out Mr Forrest.

“Today, SunCable is moving forward under new ownership, with a renewed focus and robust plan to launch new export industries for Australia while making a significant contribution to Australia and the Northern Territory’s energy transition efforts," said Grok Ventures CEO Jeremy Kwong-Law.

Grok Ventures said SunCable had  been reorganised into two project streams: SunCable Australia and SunCable International.

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