Sun Cable enters administration, billionaire investor 'fully backs' solar company

Sun Cable, the corporate proposing a multi-billion-dollar solar energy export mission, has entered voluntary administration.

The firm, which boasts high-profile traders together with billionaires Mike Cannon-Brookes and Andrew “Twiggy” Forrest, mentioned it had made the “difficult decision” to enter administration however has appointed new voluntary directors.

“The administrators intend to work with the company’s management team and key stakeholders to determine appropriate next steps for the business,” the corporate mentioned in a press release.

Sun Cable enters administration, Australia-Asia Powerlink project solar farm — Sun Cable has entered voluntary administration after “consensus” on the corporate’s route couldn’t be achieved. (Sun Cable)

“This will likely involve a process to seek expressions of interest for either a recapitalisation or sale of the business.”

FTI consulting executives Christopher Hill, David McGrath and John Park will tackle the voluntary administration of the corporate.

“The appointment followed the absence of alignment with the objectives of all shareholders,” the corporate mentioned.

“Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.”

Billionaire investor Cannon-Brookes mentioned the corporate has already achieved a lot within the 5 years because it was based and he’ll proceed to completely assist it.

”I’m confident it will play a huge role in delivering green energy for the world, right here from Australia,” he mentioned.

“I fully back this ambition and the team, and look forward to supporting the company’s next chapter.”

Mike Cannon-Brookes and Andrew "Twiggy" Forrest investors in Sun Cable — Mike Cannon-Brookes and Andrew “Twiggy” Forrest are traders in Sun Cable. (Supplied)

The firm mentioned it is going to proceed to ”deliver the largest renewable energy project in the world”.

Sun Cable has proposed the Asia-Australia Power Link, which might generate solar energy from an enormous farm within the Northern Territory and export it by means of a 4200km underwater energy cable from Darwin, by means of Indonesia to Singapore.

It is estimated to value greater than $30 billion.

Construction of the 12,000-hectare photo voltaic farm was set to start in 2024.

Founder and CEO David Griffin said the mission stays “well placed for completion” regardless of the administration modifications.

“As we have progressed our work, the demand for delivering reliable, dispatchable 24/7 renewable energy in the NT and the region has risen materially,” he mentioned.

“Sun Cable looks forward to developing and operating the projects to meet this demand.”