The company aimed to develop a project value greater than A$30 billion ($20.68 billion) to bring solar energy to Singapore, with the backing of tech billionaire and climate activist Mike Cannon-Brookes and Australian iron ore magnate Andrew Forrest.
However, the megaproject ran out of funds as its shareholders were unable to succeed in a consensus on the longer term direction and financing structure, prompting the corporate to appoint FTI Consulting as voluntary administrators.
On Wednesday, the corporate said Sun Cable would likely approach people expressing interest in recapitalizing or selling all the company.
“The appointment was made in the absence of alignment with the objectives of all shareholders,” Sun Cable said. “Although financing proposals were presented, no consensus could be reached on the future direction and financing structure of the company.”
The plan for a large Australian photovoltaic farm to power Singapore is becoming increasingly more feasible
The plan for a large Australian photovoltaic farm to power Singapore is becoming increasingly more feasible
Billionaires Cannon-Brookes and Forrest have been key supporters of accelerating Australia’s climate ambitions. Cannon-Brookes became the most important shareholder in AGL Energy Ltd last 12 months and has worked to speed up the corporate’s exit from coal. Meanwhile, Forrest has bought a serious renewable energy developer and is in search of to rework its Fortescue Metals Group Ltd, a key global supplier of iron ore, into a serious producer of green metals and clean hydrogen.
“Sun Cable has achieved so much since its founding in 2018,” Cannon-Brookes said in a press release. “I’m sure it will play a huge role in bringing green energy to the world, right here from Australia. I fully support this ambition and the team and look forward to supporting the company’s next chapter.”
Squadron Energy, Forrest’s investment vehicle backing Sun Cable, didn’t immediately reply to a request for comment.
Reports from Reuters, Bloomberg
