The company had won backing from billionaires for a $30 million mega-solar project that would export energy through a transmission cable to Singapore, but has been placed into administration.
The company proposing the $30 billion-plus solar power export project to Singapore has been placed in administration, despite backing from billionaire shareholders including Andrew Forrest and
Three executives from FTI Consulting have been appointed as voluntary administrators for Sun Cable Pty, which the company said would help unlock additional capital to support the Australia-Asia PowerLink project. Sun Cable chairman Mike Cannon-Brookes said he looked forward to supporting the company’s ‘next chapter’.It said the decision “followed the absence of alignment with the objectives of all shareholders”.
Sun Cable chairman Mike Cannon-Brookes said he was still confident the project would play a role in providing low-carbon energy and signalled he was continuing to support the venture. “Sun Cable has achieved so much since it was founded in 2018,” Mr Cannon-Brookes said in a statement.“I’m confident it will play a huge role in delivering green energy for the world, right here from Australia. I fully back this ambition and the team, and look forward to supporting the company’s next chapter.”writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.
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