Sun Cable in voluntary administration

Singapore-based Sun Cable has voluntarily entered administration. According to a statement, the aim is »to access additional capital for continued development« of Sun Cable's central project, the Australia-Asia PowerLink (AAPowerLink). The international consulting firm FTI Consulting, which has been entrusted with the administration, now wants »to determine appropriate next steps for the business« together with the management and the existing shareholders. This is »likely« to include »a process to seek expressions of interest for either a recapitalisation or sale of the business.« The appointment of the administrators »followed the absence of alignment with the objectives of all shareholders«. It had not been possible to reach consensus »on the future direction and funding structure of the company.«
For AAPowerLink, considered the largest such project in the world, 3.2 gigawatts of photovoltaic capacity in conjunction with battery storage facilities is planned to be installed in the Northern Territory of Australia and to be connected to the Darwin region and to Singapore via a 4,200-kilometer submarine high-voltage direct current transmission line. Temporarily, even much larger dimensions for the project have been communicated. In addition, SunCable says it has a portfolio for further projects with a total capacity of eleven gigawatts. Key players are the two Australian billionaires Mike Cannon-Brooks, who is also chairman of Sun Cable, and Andrew Forrest, shareholder and former board member of the mining company Fortescue Metals Group.
© PHOTON