Singapore solar cable project wins lifeline to carry on building

An interest-free interim loan of A$65mil (RM195.7mil) from Mike Cannon-Brookes that was announced last week is expected to help Sun Cable continue operations until a new owner can be found. — Reuters

SINGAPORE: An ambitious plan to power Singapore using Australian solar energy won another lifeline yesterday after a court in Sydney agreed to a sales process put forward by the project’s administrators.

Sun Cable, a A$30bil (US$21bil or RM89.9bil) business plan backed by two of Australia’s richest people, has less than A$3.6mil (RM10.8mil) in cash and looming bills of more than A$10mil (RM30mil), lawyers for administrators FTI said in Australia’s Supreme Court yesterday.