Sun Cable entered into voluntary administration last week after a disagreement between Forrest and tech tycoon Mike Cannon-Brookes over funding and the plans to send clean power overseas. Forrest is considering a potential offer for the company, a person familiar with the details said last week.
Plans to use a 4,200km power cable to send clean energy from Australia to Singapore are no longer commercially viable, according to one of the project’s billionaire investors.
A review of Sun Cable’s A$30 billion ($27.71 billion) proposals concluded the project should ditch an ambition to export electricity and focus instead on using a huge planned solar and battery facility to feed green industries at home, according to Andrew Forrest’s Squadron Energy unit — which holds a 25% stake in the developer.
