As a breakdown between billionaire investors threatens one of the Northern Territory's brightest economic hopes, the NT government insists it and other major projects will still go ahead.
Acting Chief Minister Nicole Manison said she was briefed about Sun Cable's collapse shortly before it was announced publicly on Wednesday.
"They are confident they will be out of the voluntary administration process swiftly and that we can have confidence in the future of this fantastic project." Ms Manison said the company had advised it expected voluntary administration to last a number of months.In its statement, Sun Cable said the "difficult decision" to enter administration was based on the need to find "additional capital".
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sun Cable collapses despite backing from Forrest, Cannon-BrookesThe company had won backing from billionaires for a $30 million mega-solar project that would export energy through a transmission cable to Singapore, but has been placed into administration.
Read more »
Sun Cable enters administration but billionaire backer Cannon-Brookes reaffirms supportSun Cable, the company behind a massive solar farm and power export project planned for the Northern Territory, has appointed administrators.
Read more »
Sun Cable enters administration, billionaire investor 'fully backs' solar companySun Cable, the company proposing a multi-billion dollar solar power export project, has entered voluntary administration. 9News
Read more »
$25b Sun Cable project collapses after dispute between Forrest, Cannon-BrookesThe ambitious Sun Cable renewable energy project has collapsed into administration after billionaires Mike Cannon-Brookes and Andrew Forrest were unable to agree on a path forward for the $25 billion business.
Read more »
$30b clean energy venture collapses after billionaires clashSun Cable has revealed that a dispute between two of Australia’s richest men has jeopardised its ambitions to build the world’s biggest solar and battery project.
Read more »
Giant solar farm project in doubt after disagreement between Mike Cannon-Brookes and Andrew ForrestAustralian billionaires had backed $30bn Sun Cable venture designed to help power Darwin, Indonesia and Singapore but the company has gone into voluntary administration
Read more »