HONG KONG - The collapsed US$20 billion (S$27 billion) Sun Cable renewable energy project has been rescued by part owner and Australian technology entrepreneur Mike Cannon-Brookes, the company said on Friday.

Voluntary administrators of Sun Cable will now work with Helietta Holdings 1 Pty Ltd, an entity affiliated with Cannon-Brookes’ Grok Ventures to complete the transaction, Sun Cable said in a statement.

Completion of the deal is expected to occur on or before the end of July.

In the statement, it said the buyer’s intention was to continue to progress the Australia-Asia Power Link project to a final investment decision with stage 1 to deliver 0.9 gigawatts (GW) of generation into Darwin and 1.8G W into Singapore. 

The administrators would work with the buyer to facilitate ongoing development of power link in the period up to completion.

More to come.