Singapore-based Sun Cable said it had appointed voluntary administrators less than a year after raising A$210 million from the two billionaires for the Australia-Asia PowerLink project. | Reuters
It involves building a 20-gigawatt solar farm, 42 gigawatt hours of energy storage in northern Australia and the world’s longest undersea cable to deliver power to Singapore, and eventually, Indonesia.“I fully back this ambition and the team, and look forward to supporting the company’s next chapter,” he said in the statement.
The statement offered no comment from iron ore magnate Andrew Forrest’s privately owned Squadron Energy, Sun Cable’s other big stakeholder. It is still possible Squadron could put together a funding deal for the administrators, said a person familiar with the company’s thinking who sought anonymity because of confidentiality provisions.
Last year’s capital raising of A$210 million included milestones that have not been met yet, meaning that not all of that funding was made available. Future steps are likely to involve voluntary administrators FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said.
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