Grok Ventures, the private arm of billionaire Mike Cannon-Brookes, will provide a $65 million loan to keep the company going while administrators seek a buyer.
The funding would include a six-month interest-free period, Grok said in a statement.
Administrators from FTI Consulting have accepted the Grok Ventures offer over other proposals and will finalise the deal in coming days.
Sun Cable, which plans to build the world’s biggest solar project in the northern Australia and a submarine cable to export the solar power to Singapore, entered voluntary administration last week.
It came after the two biggest investors – Cannon-Brookes and Fortescue Metals Group Chairman Andrew Forrest – were unable to agree over the direction of the the $30 …
Read the full article at: https://www.sheppnews.com.au/aap-finance/sun-cable-shines-with-65m-lifeline/