- January 11, 2023
- Posted by: admin
- Category: Daily News
- One of Australia’s most ambitious renewable energy projects has entered into voluntary administration to fund the plan to power Singapore using a 4,200km submarine cable as the mega project has fallen short of funds as Cannon-Brookes and fellow Australian billionaire Forrest were unable to reach a consensus on its future direction and funding structure.
- This prompted 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. As such, the USD21bn Sun Cable, a clean energy firm, backed by billionaire climate crusader Mike Cannon-Brookes and iron ore magnate Andrew Forrest, will likely seek expressions of interest for a recapitalization (seeking fresh capital) or sale of the entire business.
- Sun Cable’s development of the Australia-Asia PowerLink project will position Australia, Singapore and other Asian nations as regional renewable energy hubs and create significant economic and sustainable energy opportunities for decades.
- This project will create thousands of operational and construction jobs, stimulating opportunities for local businesses and suppliers now. The AAPowerLink is a AUD30+bn project.
- Sun Cable’s Environmental Impact Statement is currently being prepared for assessment by the Northern Territory and Commonwealth Governments. Environmental Impact Assessments are also separately underway for assessment by the Governments of Indonesia and Singapore.