Billionaires Mike Cannon-Brookes and Twiggy Forrest are battling for control and future direction of Sun Cable.
A very public disagreement about the management of the world’s biggest renewable energy export project, Sun Cable, has sparked a plethora of conflicting headlines. It is turning into a billionaire battle. Headlines range from the blunt “Collapse of the $35 Billion Sun Cable” to the mythic “Shades of Icarus and a hint of the Phoenix in Sun Cable’s Collapse” .
Tech billionaire and climate activist Cannon-Brookes, who became chairman of Sun Cable in October, said he remained confident in the project.Future steps are likely to involve voluntary administrator FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said. My expectation would be that one of the billionaires would buy the other out.
“Following a comprehensive technical and financial analysis, that included listening to customer feedback, Squadron Energy has concluded that Sun Cable’s Australia-Asia PowerLink project is not commercially viable,” Squardon chairman John Hartman said in a statement on Monday. “There is no lack of political support for the project – both at state and federal level. Federal Energy and Climate Minister, Chris Bowen said the project was still an important part of the plan to turn Australia into “a renewable energy export powerhouse.”
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