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Billionaire egos may contribute to global warming.
Sun Cable, an ambitious Australian solar energy project, has gone into voluntary administration, a first step towards bankruptcy, as two mega-rich investors — mining magnate Andrew Forrest and software sultan Mike Cannon-Brookes — disagree on how to manage it. can’t be New funding round.
Here comes the sun…?
The idea behind Sun Cable is to build a massive 20-GW solar farm in northern Australia. To put that in perspective, the world’s largest solar farm in China has a capacity of 2.8 gigawatts, enough to power a million homes. Sun Cable will also feature an undersea cable to Singapore, meaning Australia can export its sunlight to Asia.
Forrest and Cannon-Brookes jointly pumped A$210 million into the project in March last year, giving them a 15% stake each, but now it looks like it needs another cash injection as their partnership looks less cooperative. The financial bar Report It calls for another round of financing as Sun Cable — which has yet to begin construction — misses the milestone:
- The two sources FT Forrest’s investment vehicle was against the recapitalization plan due to concerns about Sun Cable’s costs and future direction. the source to say guardian Sun Cable was rapidly using its runways, among other things, maintaining offices in five cities simultaneously.
- Among the missed milestones was a failure to get approval from Indonesia, which was hampering efforts to seal the deal, the same source told The Guardian.
Cannon-Brookes’ Grok Ventures issued a tonally lukewarm statement that “all but one shareholder agrees with the company’s financing strategy.” Who do they mean?
Biden’s moment in the sun: While Australia’s solar ambitions have been somewhat eclipsed by the billionaire feud, Joe Biden’s tax plan to lure clean energy manufacturers to the US appears to be working. Korean solar manufacturer Hanwha Qcells announced Wednesday that it plans to spend $2.5 billion to build a factory in Georgia. Maybe in the future, they could lead the way for solar-storage battery power trains — even ones that run at midnight!