Singapore-based Sun Cable is going into voluntary administration, the clean energy firm said on Wednesday, after shareholders couldn’t agree on the future direction and funding of the plan to power the city state using a 4,200km (2,600-mile) submarine cable from Australia.
The company had been aiming to develop a A$30 billion-plus (US$20.68 billion) project to supply solar power to Singapore, with the backing of tech billionaire and climate activist Mike Cannon-Brookes and Australian iron ore magnate Andrew Forrest.
However, the mega project has fallen short of funds as its shareholders were unable to reach a consensus on its future direction and funding structure, prompting the company to appoint FTI Consulting as voluntary administrators.
This leaves the proposed Australia-Asia PowerLink solar power export project hanging in the balance, as construction was expected to begin in 2024.
Sun Cable is likely to seek expressions of interest for a recapitalisation or sale of the entire business, the company said on Wednesday.
“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.”
