Sun Cable's voluntary administrators say they've appointed global investment bank Moelis & Company as a sale advisor as they begin accepting bids for the mammoth solar infrastructure project.
The company filed for voluntary administration on January 11 after disagreements between its billionaire backers, Andrew Forrest and Mike Cannon-Brookes.
FTI Consulting, the company's voluntary administrators, said on Tuesday they are seeking binding proposals for the sale of Sun Cable by the end of April, with a targeted completion no later than the end of May.
Mr Forrest has said he plans to bid on the project with a plan of going forward only with its huge solar farm in the Northern Territory, and scrapping the proposed submarine cable that would export solar power to Singapore. Mr Cannon-Brookes is expected to bid for the company with a plan to develop it under its original vision. Other bidders could emerge as well.
Sun Cable, which has 121 employees across Australia, Indonesia and Singapore, is on track to make a final investment decision on stage 1 of the AAPowerLink plan in 2024, FTI said.
