Sun Cable, a Singapore-based company, in charge of the world’s largest solar energy infrastructure projects will go up for sale this January. The project was said to have collapsed over the clash between its two billionaires investors.
According to Financial Times, the project has been placed into voluntary administration because of the disagreement between the Australian mining magnate, Andrew Forrest and the tech billionaire, Mike Cannon-Brookes over the terms of a new funding round and failure to agree on future funding plans.
The solar power project is said to be one of world’s largest renewable energy project. As a result of the clash, the project will be put for sale before the end of January. “The sale process is expected to take about three months,”administrators at FTI Consulting said on Friday.
Based on the administrator’s plans, an adviser will be appointed shortly run the sale of Sun Cable.
Accordingto the voluntary administrator in a statement made after the first creditor’s meeting, “Indicative timing for the sale process is approximately three months.”
