Singapore-based Sun Cable is going into voluntary administration, the clean energy firm said on Wednesday (Jan 11), months after billionaire Mike Cannon-Brookes took on the role of chairman.
The company is aiming to develop a A$30 billion-plus (US$20.69 billion) project to supply solar power from Australia to Singapore, with the backing of tech billionaire and climate activist Cannon-Brookes and the richest man down under Andrew Forrest.
However, the mega project has fallen short of funds as its shareholders were unable to reach a consensus on its future direction and funding structure, prompting the company to appoint FTI Consulting as voluntary administrators.
This leaves the proposed Australia-Asia PowerLink solar power export project hanging in the balance, as construction was expected to begin in 2024.
Future steps will likely involve seeking fresh capital, or selling the business entirely, Sun Cable said.
Squadron Energy, Forrest's investment vehicle which backs Sun Cable, did not immediately respond to a request for comment.
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The company is aiming to develop a A$30 billion-plus (US$20.69 billion) project to supply solar power from Australia to Singapore, with the backing of tech billionaire and climate activist Cannon-Brookes and the richest man down under Andrew Forrest.
However, the mega project has fallen short of funds as its shareholders were unable to reach a consensus on its future direction and funding structure, prompting the company to appoint FTI Consulting as voluntary administrators.
This leaves the proposed Australia-Asia PowerLink solar power export project hanging in the balance, as construction was expected to begin in 2024.
Future steps will likely involve seeking fresh capital, or selling the business entirely, Sun Cable said.
Squadron Energy, Forrest's investment vehicle which backs Sun Cable, did not immediately respond to a request for comment.
Continue reading...