One of the world's largest renewable energy projects has been put into bankruptcy proceedings after Australia's richest man refused to support the recapitalization of the world's largest solar project.
Sun Cable, backed by Australian billionaires Mike Cannon-Brooks and Andrew Forrest, has been put into voluntary administration - as an administrator tries to find ways to save the company - after a dispute within the board over the terms of a new fundraising scheme.
Both veto-wielding billionaires have submitted financing proposals, however, the energy squadron of Forrest, the mining magnate, has chosen not to back the recapitalization plan in recent days due to concerns about the project's spending and future direction, according to two people with direct knowledge of the talks. for the Financial Times.
The company appointed bankers last year to raise A$30 billion (US$20.5 billion) over the next 18 months to fund the world's largest solar projects, which was seen as a major test of Australia's ability to transition from a fossil fuel-dependent economy.
Squadron & Groc, the investment vehicle of Atlassian Cannon Brooks founder, led the A$210 million fundraiser in March. Talks about the next round of financing for Sun Cable have been underway since the energy startup missed out on the project in September, according to a person with direct knowledge of the situation.
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