Australian billionaires had backed $30bn Sun Cable venture designed to help power Darwin, Indonesia and Singapore but the company has gone into voluntary administration
brought investments in the venture to about $250m with Cannon-Brookes and Forrest the leading investors.
“We are confident Sun Cable will be an attractive investment proposition and remain at the forefront of Australia’s energy transition.” Sun Cable was burning through cash rapidly, with high costs including offices in five cities, a source said. The company was also reportedly missing agreed targets, including the securing of Indonesian approvals, that were holding up deals with customers.
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