One of Australia’s most ambitious solar ventures, backed by billionaire entrepreneurs Forrest and Cannon-Brookes, has reportedly made the difficult decision to enter voluntary administration. The venture by Sun Cable Pty aimed to build large-scale solar farms, and battery storage projects in the Northern Territory. It had struggled to secure funding and faced setbacks.
Mike Cannon-Brookes and Andrew Forrest disagreed about the path the solar company should take.
FTI Consulting’s Christopher Hill, David McGrath, and John Park have been appointed as the company’s voluntary administrators. The appointment came as there needed to be more agreement with all shareholders’ goals. Despite finance suggestions being made, a decision on the company’s future course and funding structure could not be reached.
“Sun Cable has made extraordinary progress in developing the AAPowerLink. This project remains well placed for completion. 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. Sun Cable looks forward to developing and operating the projects to meet this demand,” founder and CEO of Sun Cable, David Griffin, said.
“Sun Cable has achieved so much since it was founded in 2018. I’m confident it will play a huge role in delivering green energy for the world, right here from Australia. I fully back this ambition and the team, and look forward to supporting the company’s next chapter,” according to Chair of Sun Cable, Mike Cannon-Brookes.
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Sun Cable project
Sun Cable Pty Ltd unveiled a 10 GW solar farm and battery storage project called AAPowerLink in 2019 for Australia’s Northern Territory.
The project was planned as one of the largest renewable energy projects in the world and was also intended to supply electricity to Singapore, Darwin, and other Northern Territory locations.
The AAPowerLink was set to be AUD 30+ billion project.
Image&Source: SunCable – How an undersea cable will be used by the Sun Cable project to transport solar energy produced in the NT to Singapore.
With the AAPowerLink project to supply power to the Northern Territory and Singapore, Sun Cable represented an exceptional strategic potential to deliver the largest renewable energy project in the world operationally. Currently, Sun Cable has 11 GW worth of additional projects in its pipeline, more than three times the amount of the planned AAPowerLink.
Check out our page to learn about Sun Cable’s NT solar farm and ambitious plan to power Singapore via an underwater cable.
Venture’s failure
The news of the venture’s failure is a significant setback for the renewable energy industry in Australia, which has been working to transition away from fossil fuels and reduce its carbon footprint. The Sun Cable project had seen as a major step forward in this transition, and its collapse will likely impact the country’s efforts to meet its renewable energy targets.
Despite the failure of this specific venture, the renewable energy industry continues to be a major growth sector worldwide. The falling costs of solar and wind power and increasing concerns about climate change are driving investments in renewable energy projects. This can be seen by the fact that many countries are committing more funding and resources to the renewable energy sector and adopting policies to increase its usage.
It’s important to note that this is a setback for the company and the people involved, and the experience can be a learning point for future projects and the industry.
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