HSF acts as venture capital backs $20bn project

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Herbert Smith Freehills (HSF) advised Grok Ventures, the private investing vehicle of Atlassian billionaire Mike Cannon-Brookes, on its investment in the Sun Cable project.

The $20bn project, described by the Anglo-Australian legal giant as an “ambitious undertaking,” will develop the world’s largest solar farm in the Australian outback. The project, which will supply Singapore and the Darwin Area with renewable energy, will feature solar panels spanning 15,000 hectares in the Northern Territory.

Exact financial details of the investment were not disclosed. Iron ore billionaire Andrew Forrest’s Squadron Energy and Grok led the investment round, the Australian Financial Review said. The investment was less than $50m, it said.

Peter Dunne, partner and head of venture capital, headed the HSF team. He was supported by senior associate Wendy Tian.

Jeremy Kwong-Law, Grok Ventures head, said that the project is a “real demonstration of huge vision, ambition, and human ingenuity.” He also praised the HSF team.

“This unique investment required a unique structure and a real commercial approach to legal execution. Having worked with Peter and Wendy many times, they once again delivered for us,” he said.