Sources had, in March, suggested Grok was working with Japan’s Softbank and Infradebt, an infrastructure debt provider backed by Cannon-Brookes. However, Street Talk has confirmed that Softbank is not part of the Grok consortium. Binding bids were originally expected by the end of April.
Sun Cable went into administration in January after a fallout between the two billionaires about the future of the project. Forrest wants to ditch the eponymous cable, which would link the company’s solar projects in the Northern Territory with Singapore, the buyer of energy. Grok still supports the idea of the 4200-kilometre undersea high-voltage power line from Darwin, while Squadron would like to control the solar project near Tennant Creek, which could be used to power green hydrogen production. Squadron has also privately raised issues with Sun Cable’s management team, and would install its own management team if successful in the auction.
Street Talk reported in January that Cannon-Brookes appeared to have won the first round against Forrest after convincing FTI Consulting to back its interim funding proposal of $65 million to keep Sun Cable going for six months. The money, at a zero interest rate, is going toward rent and wages.