OPINION: It is feasible the world’s most ambitious solar energy generation project will go ahead. But don’t expect billionaires Mike Cannon-Brookes and Andrew Forrest to both be involved.
The two billionaires clearly have irreconcilable differences over how the world’s most ambitious solar generation project should be run.
Sun Cable must have been under considerable financial pressure leading into the end of 2022 judging from documents lodged with the corporate regulator about a series B preference share issue. In other words, there would not necessarily be any consequences for management from failing to deliver. It is noteworthy that the Sun Cable statement issued with the news of voluntary administration included a lengthy list of management’s success in achieving “major milestones”.
The administrators would not comment on Wednesday because they had only just got their hands on the company’s books.A spokesman said it was too early to say how much cash Sun Cable had burnt through since its formation in 2018. They will reveal more at the first creditors’ meeting next week.
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