Mike Cannon-Brookes, co-founder and managing director of Atlassian Pty Ltd, responds via … [+]
Sun Cable, one of Australia’s most ambitious solar projects, which plans to export electricity to Singapore via a 4,200 kilometer submarine cable, has been put into voluntary administration after shareholders disagreed over the project’s future direction and funding.
Backed by activist billionaire Mike Cannon-Brookes and mining magnate Andrew Forrest, the $US30 billion ($21 billion) project, billed as the world’s largest solar farm, is likely to seek expressions of interest in either a recapitalization or a sale of the business, Sun Cable said. on Wednesday. The company has appointed FTI Consulting as voluntary administrators.
“The appointment followed a failure to align with the objectives of all shareholders,” Sun Cable said. “Although funding proposals were made, no consensus could be reached on the company’s future direction and funding structure.
Sun Cable’s decision comes six months after the company tried to raise financing in July, appointing Macquarie Capital and Moelis & Co. as joint financial advisers. In October, the company said it had received commitments from potential customers in Singapore.
“Sun Cable has accomplished so much since it was founded in 2018,” Sun Cable Chairman Cannon-Brookes said in a statement. “I am confident it will play a huge role in bringing green energy to the world right here in Australia.” I fully support this endeavor and the team and look forward to supporting the next chapter of the company.
Cannon-Brookes, whose fortune comes largely from his stake in Atlassian, the collaboration software company he co-founded, has doubled down on investments in renewable energy and other sustainable projects. He plans to invest a further A$1 billion in the sector, on top of the US$1 billion he has already invested through Grok Ventures. Cannon-Brookes and his wife Annie have pledged to donate A$500 million to non-profit organizations working to mitigate climate change.
In May, the tech billionaire bought 11.3 shares of AGL Energy, making him the largest shareholder in the Australian utility. Cannon-Brookes has since appointed its own candidates to the company’s board in a bid to speed up AGL’s coal-fired power plants.
