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Billionaires-Backed Solar Company Sun Cable Collapses Amid Funding Dispute

Started by Epoch-Times-Bot, Jan 11, 2023, 05:15 PM

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Epoch-Times-Bot

Jan 11, 2023, 05:15 PM
Billionaires-Backed Solar Company Sun Cable Collapses Amid Funding Dispute

Sun Cable, the company behind the world’s biggest solar project aiming to supply up to 15 percent of Singapore's total renewable electricity needs annually, has entered voluntary administration. 
The company had been backed by two Australian billionaires, Atlassian co-founder Mike Cannon-Brookes and former CEO of Fortescue Metals Group Andrew Forrest. 
In a vague media statement on Jan. 11, the solar venture said it has "made the difficult decision to enter voluntary administration." 
The move will "unlock a path forward" for Sun Cable to "access additional capital for continued development of its marque project, the Australia-Asia Power Link (AAPowerLink).
The company describes AAPowerLink on its website as the world's largest solar energy infrastructure project, which will harness solar energy from the Northern Territory, one of the sunniest locations on Earth. ...

Source: Billionaires-Backed Solar Company Sun Cable Collapses Amid Funding Dispute

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