ONE of Australia’s most ambitious renewable energy projects has entered into voluntary administration after shareholders couldn’t come to a consensus on the future direction and funding of the plan to power Singapore using a 4,200-kilometer (2,600-mile) submarine cable.

The A$30 billion ($21 billion) Sun Cable, backed by billionaire climate crusader Mike Cannon-Brookes and iron ore magnate Andrew Forrest, will likely seek expressions of interest for a recapitalization or sale of the entire business, the company said Wednesday. FTI Consulting’s Christopher Hill, David McGrath and John Park have been appointed as administrators, it said. 

“The appointment followed the absence of alignment with the objectives of all shareholders,” Sun Cable said. “Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.”

The two billionaires have been key proponents of increasing Australia’s climate ambitions. Cannon-Brookes last year became the biggest shareholder in AGL Energy Ltd. and has worked to hasten the utility’s exit from coal. Meanwhile, Forrest bought a major renewables developer and is seeking to transform his Fortescue Metals Group Ltd., a key global iron ore supplier, into a major producer of green metals and clean hydrogen. 

“Sun Cable has achieved so much since it was founded in 2018,” Cannon-Brookes said in the statement. “I’m confident it will play a huge role in delivering green energy for the world, right here from Australia. I fully back this ambition and the team, and look forward to supporting the company’s next chapter. BLOOMBERG