A buyer for Sun Cable has been found; with an Asset Sale Agreement entered on 25 May for all of Sun Cable’s assets and shares in the company’s subsidiaries.
The Voluntary Administrators of Sun Cable Pty Ltd, MA Moelis Australia and Moelis & Company, have announced that Sun Cable has entered into an Asset Sale Agreement (ASA) with Helietta Holdings 1 Pty Ltd (Helietta Holdings), an entity affiliated with Grok Ventures.
Pursuant to the ASA, Helietta Holdings will acquire substantially all of Sun Cable’s assets including the shares in all of Sun Cable’s subsidiaries.
The Sun Cable Administrators will work with Helietta Holdings the Buyer to complete the transaction, with completion expected to occur on or before the end of July 2023.
Sun Cable is a developer of large-scale renewable energy infrastructure projects, including the high-profile Australia-Asia PowerLink (AAPowerLink) project, but the company went into voluntary administration in January 2023.
Helietta Holdings’s intention is to continue to progress the AAPowerLink project to a Final Investment Decision, with stage one to deliver 0.9GW of generation into Darwin and 1.8GW into Singapore.
Sun Cable’s Administrators will work with Helietta Holdingsto facilitate ongoing development of AAPowerLink in the period up to completion.
Completion of the transaction is subject to the satisfaction of customary conditions precedent for a transaction of this nature, including counterparty consent for the novation of a limited number of material contracts to Helietta Holdings and various administrative matters.
Based on the pre-administration claims that are outstanding, the transaction is expected to allow for unsecured creditors of Sun Cable to be paid in full.
