Mike Cannon-Brookes

Both billionaires are interested in re-investing in the huge $35 billion Sun Cable clean energy project, but are at odds over who can build it better.

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The future of one of the country's most ambitious green energy projects is in limbo after the company was put in voluntary administration due to a bitter ...

“Sun Cable looks forward to developing and operating the projects to meet this demand.” Sun Cable fell apart following an “absence of alignment” between the shareholders’ objectives, a spokesperson said in a statement announcing the administration. Both billionaires insist they stand by the ambitions of Sun Cable and its signature project, the AAPowerlink. Renewable giant Sun Cable had proposed to build a $35bn solar farm in the heart of the Northern Territory, with a cable to provide green energy to Darwin and Singapore. The future of one of the country’s most ambitious green energy projects is in limbo after the company was put in voluntary administration due to a bitter stand-off between two Aussie billionaires. The future of one of Australia’s most ambitious projects is in administration courtesy of an ongoing feud between our two richest men.

Accusations are flying thick and fast in the spectacular falling out between Andrew Forrest and Mike Cannon-Brookes over the collapsed $35 billion green ...

[Sign up to our weekly Carbon Challenge newsletter.](https://login.myfairfax.com.au/signup_newsletter/10164?channel_key=9ME3ACTT4ZYY1fEMfvR2EA&callback_uri=https://www.afr.com) [Angela Macdonald-Smith](/by/angela-macdonald-smith-j7gcz)writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. “I’ve been speaking to very senior people in Sun Cable over the last 24 hours,” he said. Connect with Angela on [[email protected]](mailto:[email protected]) [Brad Thompson](/by/brad-thompson-gyvn7t)writes across business and politics from Western Australia for The Australian Financial Review. “A project with the scale and ambition of Sun Cable requires vision and precise execution,” said Mr Hartman. “This is primarily a commercial decision about structure and about the way forward,” he said. “We have made it clear in our statements that we remain committed to the company. That would de-risk the venture enough to bring other major investors on board for financial close, targeted in 2024. “There is very good reason why Sun Cable are very interested and excited about our technology,” Mr McGrath said. “We are continuing to operate the business of the company on a business-as-usual basis and intend to commence a process seeking expressions of interest for a sale or recapitalisation of the business in the short term,” FTI told creditors. “They tell me that there is absolutely no reduction in their ambition, there is no change in their plans for this to be going forward as a very important investment in Australia. Mr Hartman took aim at the governance of Sun Cable and cast doubt on the ability of its board and management led by Mr Cannon-Brookes and the founders to deliver the ambitious project. The mud stirred up in the clash led to claims of a loss of faith in management, poor governance, and disputed versions of whether Sun Cable has hit project milestones.