“The appointment followed the absence of alignment with the objectives of all shareholders,” Sun Cable said. “Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.”
One of Australia’s most ambitious renewable energy projects has entered into voluntary administration after shareholders could not come to a consensus on the future direction and funding of the plan to power Singapore using a 4,200km submarine cable, which was scheduled to begin construction in 2024.
The A$30 billion ($27.57 billion) Sun Cable, backed by billionaire climate crusader Mike Cannon-Brookes and iron ore magnate Andrew Forrest, will likely seek expressions of interest for a recapitalisation or sale of the entire business, the company said Jan 11. FTI Consulting’s Christopher Hill, David McGrath and John Park have been appointed as administrators, it said.
