Funding Secured
Keeping the Australia-Asia Power Link Project Alive
Funding Secured
Keeping the Australia-Asia Power Link Project Alive
Key Contacts
How do you prevent a funding deadlock from halting a transformational energy project?
SunCable is the developer of the Australia-Asia Power Link (“AAPL”), a first-of-its-kind giga-scale intercontinental power project that will provide green energy from Australia to Southeast Asia.
In 2018, SunCable laid out plans for the AAPL project, which would capture Australia’s vast renewable energy resources to power Southeast Asia’s energy transition and support the development of a globally competitive sustainable development precinct in Northern Australia. SunCable then secured an AUD210 million Series B capital raise backed by Australian billionaires Mike Cannon-Brookes and Andrew Forrest and was set to forge ahead with raising more than AUD35 billion to bring to life the largest integrated solar generation and transmission link project in the world.
However, as development work progressed, SunCable missed several project-related milestones, which meant that it could not access existing equity commitments. Divergent views among the lead investors regarding the preferred future direction of the project meant that replacement funding could not be obtained. As a result of this impasse, the directors were forced to appoint Administrators to the company. To preserve the value in the AAPL project, as Administrator, FTI Consulting delivered a rapid, independent process to facilitate an immediate injection of capital to save the AAPL project and to resolve its long-term future.
Our Impact
Our Role
Acting quickly and decisively to raise funding, reduce project costs and undertake a rapid transaction process
FTI Consulting professionals were appointed Voluntary Administrators of SunCable as a result of an impasse between its lead investors.
The team secured interim funding and stabilised the company in the short term and commenced an independent and global sales process to identify a new owner for the company.
FTI Consulting experts conducted a rapid cost and capital expenditure review and implemented reductions and controls to manage within the interim funding facility.
Following completion of the sale, our experts assisted in restructuring the business post-transaction, ensuring future viability through headcount rationalisation, premises consolidation and contract restructuring.
Throughout this process, FTI Consulting managed communications with a multitude of stakeholders, including shareholders, employees, contractors and governments across Australia, Singapore and Indonesia.
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