Essays by Eric Worrall
Sun Cable, which intends to export up to 20GW of solar from the Australian outback to Singapore, has voluntarily entered into management following an unresolvable dispute between its backers.
Sun Cable collapses after dispute between billionaire investors Andrew Forrest and Mike Cannon-Brookes
By business reporters David Chau and Michael Janda
Sun Cable, the company behind a massive solar farm and electricity export project planned for the Northern Territory, has gone into voluntary administration.
Main attractions:
- The company’s ambition is to build the world’s largest solar project
- Its plan is to build a huge 20 gigawatt solar farm in NT
- Sun Cable also wants to build a 4,200km long sea cable to Singapore
The company, whose major investors include billionaires Mike Cannon-Brookes and Andrew “Twiggy” Forrest, issued a vague statement about why it collapsed:
“The appointment came after it was not in line with the goals of all shareholders,” it said.
“While funding proposals have been made, no consensus has been reached on the company’s future direction and funding structure.”
ABC understands that Sun Cable’s main investors, Mr. Forrest and Mr. Cannon-Brookes, had disagreements over the company’s funding and direction of management.
…
Read more: https://www.abc.net.au/news/2023-01-11/sun-cable-enters-administration/101845100
I don’t have the details of what happened, but given the gap between the capital raised and the amount they needed, I guess the problem was a dispute between backers over how much they should invest. money goes into the project and which bits should be built first to keep the project going.
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