Sun Cable Pty Ltd has announced it will enter voluntary administration, with the aspiration to unlock access to additional capital for continued development of its Australia-Asia PowerLink (AAPowerLink) project.
The decision is a consequence of the absence of alignment with the objectives of all shareholders. Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.
Sun Cable says it still represents an opportunity to deliver the largest renewable energy project in the world, with the AAPowerLink project to supply power to the Northern Territory and Singapore, commencing late this decade.
Sun Cable currently has a portfolio of a further 11 GW of proposed projects, which is equivalent to over three times that of the AAPowerLink.
Founder and CEO of Sun Cable, David Griffin said the company 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.”
Chair of Sun Cable, Mike Cannon-Brookes said the business 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.”
Sun Cable concluded significant capital raises in November 2019 and December of 2021 with cornerstone investments from Mike Cannon-Brookes’ Grok Ventures and Andrew Forrest’s Squadron Energy, together with a range of private investors.
