Australian News / 12 January 2023
The sun goes down on energy project
Sun Cable – the company behind the $35 billion solar power project that aimed to turn Oz into a major clean energy exporter – has gone into voluntary administration following a row between the company’s high-profile investors. Reports say Mike Cannon-Brookes and Andrew ‘Twiggy’ Forrest had different opinions about how the project – which was gearing up to send solar power from outside Darwin to Singapore via a 4,200km undersea cable – would best be funded and executed. It’s reported the development of Oz’s biggest renewable energy project was a year behind schedule when Forrest’s Squadron Energy investment arm raised concerns it was “burning cash”. After a proposal from Cannon-Brookes’ Grok Ventures to put in another $60 million was knocked back, the venture collapsed. Cannon-Brookes – the tech entrepreneur who had a go at acquiring energy company AGL – has indicated he is still willing to back the project, while Forrest hasn’t ruled out buying Sun Cable from administrators.
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