UPDATE 1-Sale process for Aus-Asia power project developer Sun Cable begins
(Adds background, details)
Jan 31 (Reuters) - FTI Consulting said on Tuesday that they had started the sale process for the collapsed Australia-Asia PowerLink (AAPL) project developer Sun Cable and were seeking binding proposals by the end of April this year.
The Singapore-based company collapsed earlier this month after its owners failed to agree on future funding plans.
Sun Cable is owned by the private firms of two of Australia's richest men, Andrew Forrest's Squadron Energy and Mike Cannon-Brookes' Grok Ventures.
Once completed, the AAPL project would have sent power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Together, it was estimated to cost more than $20 billion.
FTI Consulting, the appointed administrator for Sun Cable, said they have secured funding to "allow the continued development of Sun Cable’s development projects".
FTI has set an end-of-May target for the sale's completion.
(Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)
