AsiaOne has launched EarthOne, a new section dedicated to environmental issues — because we love the planet and we believe science. Find articles like this there. MELBOURNE – The developer of a $21-billion project (S$27.9 billion) aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed...
MELBOURNE – The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding.
"While funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved," Sun Cable said in a statement. It involves building a 20 gigawatt solar farm, 42 gigawatt hours of energy storage in northern Australia and the world's longest undersea cable to deliver power to Singapore, and eventually, Indonesia."I fully back this ambition and the team, and look forward to supporting the company's next chapter," he said in the statement.
It is still possible Squadron could put together a funding deal for the administrators, said a person familiar with the company's thinking who sought anonymity because of confidentiality provisions.
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Billionaires' squabble stalls Australia-to-Asia solar power projectMELBOURNE :The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding. Singapore-based Sun Cable said it had appointed volun
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