Sun Cable

2023 - 1 - 11

Mike Cannon-Brookes

Post cover — Image courtesy of "ABC News"

NT government downplays Sun Cable's voluntary administration as ... (ABC News)

The Northern Territory government is downplaying concerns about the future of the $30 billion Sun Cable project, after the collapse of the company behind ...

It can be resurrected," he said. "It's a substantial project. Mr Buckley said the public could "easily expect" the project to be resurrected "in a new form, in a new corporate structure" and possibly with more foreign government underwriting of the financial and political risks involved. "But we do what we can as the NT government to back in these major investors here in the Northern Territory, because it is a great thing for the territory going forward." In its statement, Sun Cable said the "difficult decision" to enter administration was based on the need to find "additional capital". It is the latest in a string of major economic projects in the NT to come under a cloud, alongside

Ambitious $30b solar project backed by Forrest and Cannon ... (Business News Australia)

The company behind an undersea intercontinental renewable power system that would connect Darwin to Singapore, backed by billionaires Andrew 'Twiggy' ...

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What's Going On With Sun Cable, Mike Cannon-Brookes' Ambitious ... (Gizmodo Australia)

Sun Cable, an ambitious solar project backed by Mike Cannon-Brookes and Andrew Forrest, has collapsed into administration.

[announced](https://suncable.energy/wp-content/uploads/FINAL-SC_220624_Media-Release_Sun-Cables-Australia-Asia-PowerLink-deemed-investment-ready-by-Infrastructure-Australia.pdf) that [Infrastructure Australia](https://www.infrastructureaustralia.gov.au/) had approved the project’s economic merit, meaning that the project was “investment ready”. [began to pick up steam back in 2020](https://www.gizmodo.com.au/2020/02/australia-could-soon-export-sunshine-to-asia-via-a-3800km-cable/). [Solar tends to take up a lot of land](https://www.gizmodo.com.au/2022/05/renewables-land-use/), but [this project massively outsizes current solar projects in Australia](https://www.brunel.net/en-au/blog/renewable-energy/australia-largest-solar-energy-projects) (the New England solar farm is only 2,000 hectares). The project includes [“AAPowerLink”](https://suncable.energy/australia-asia-power-link/), which seeks to service the Indo-Pacific region with renewable energy. Additionally, the project was expected to create 14,000 direct and indirect jobs (mainly in Australia). The company expected that $8 billion would be generated in investment, and $2 billion was expected from annual export revenues from 2028. “The AAPowerLink will enable a stronger economy for the long term through contracts, wages and economic diversification. [June’s announcement](https://suncable.energy/wp-content/uploads/FINAL-SC_220624_Media-Release_Sun-Cables-Australia-Asia-PowerLink-deemed-investment-ready-by-Infrastructure-Australia.pdf). In June, the project envisioned a 12,000-hectare solar farm, capable of producing 17-20 GWp ( [gigawatt peak](https://solarbay.com.au/newsroom/understanding-how-solar-power-is-measured/)) of energy, with 36-42 GWh of battery storage. [David Griffin](https://suncable.energy/wp-content/uploads/FINAL-SC_220624_Media-Release_Sun-Cables-Australia-Asia-PowerLink-deemed-investment-ready-by-Infrastructure-Australia.pdf). “Sun Cable has achieved so much since it was founded in 2018. [according to the Sydney Morning Herald](https://www.smh.com.au/business/companies/25b-sun-cable-project-collapses-after-dispute-between-forrest-cannon-brookes-20230111-p5cbvh.html).

$25b Sun Cable project collapses after dispute between Forrest ... (The Sydney Morning Herald)

The renewable energy project is in administration after billionaires Mike Cannon-Brookes and Andrew Forrest couldn't agree on a path forward.

Forrest’s Squadron Energy and Cannon-Brookes’ Grok Ventures were willing to invest additional capital in the business, sources said, but the two could not agree on terms, leaving them at loggerheads. “Sun Cable has achieved so much since it was founded in 2018. The operation was valued at about $25 billion and had attracted widespread support from investors and the federal government, with Prime Minister Anthony Albanese last year [ Sign up to get it every weekday morning](https://www.smh.com.au/newsletter-signup?newsletter=business-briefing). Administrators from US financial services firm FTI Consulting were appointed to the business on Wednesday. Sources close to the business who were not authorised to speak publicly on the issue said the impasse was between Cannon-Brookes and Forrest, who had clashing ideas on ways to prop up Sun Cable after the project missed a key milestone in September and was bleeding cash.

$35bn solar power export venture Sun Cable collapses (https://www.innovationaus.com/)

Sun Cable, the company developing one of the world's biggest solar and battery projects, has abruptly entered voluntary administration, with the future of ...