Sun Cable, the company behind the world’s biggest solar project aiming to supply up to 15 percent of Singapore’s total renewable electricity needs annually, has entered voluntary administration.
The company had been backed by two Australian billionaires, Atlassian co-founder Mike Cannon-Brookes and former CEO of Fortescue Metals Group Andrew Forrest.
In a vague media statement on Jan. 11, the solar venture said it has “made the difficult decision to enter voluntary administration.”
The move will “unlock a path forward” for Sun Cable to “access additional capital for continued development of its marque project, the Australia-Asia Power Link (AAPowerLink).
The company describes AAPowerLink on its website as the world’s largest solar energy infrastructure project, which will harness solar energy from the Northern Territory, one of the sunniest locations on Earth.
The energy will then be supplied to Darwin and Singapore 24/7 through a 5,000 km transmission system.
“The appointment followed the absence of alignment with the objectives of all shareholders,” the company said.
“Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.”
The solar venture has appointed global advisory firm FTI Consulting as its administrator, noting that FRI will work with Sun Cable and key stakeholders to “determine appropriate next steps for the business.”
“This will likely involve a process to seek expressions of interest for either a recapitalisation or sale of the business.”
Project Well Placed For Completion
David Griffin, founder and CEO of Sun Cable, said the company has made “extraordinary progress in developing the AAPowerLink”, which “remains well placed for completion.”
He maintained that the demand for delivering “reliable, dispatchable 24/7 renewable energy” in the Northern Territory and the region has “risen materially.”
Meanwhile, Cannon-Brookes, Chair of Sun Cable, said he was 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.”
The collapse of Sun Cable comes despite the centre-left Labor government’s push for net-zero emissions by 2050, having committed $4.7 billion (US $3.2 billion) to fund renewable energy infrastructure in New South Wales in December.
“Recently, large-scale solar generation has begun rapid expansion. Large-scale solar generation has grown from negligible levels before 2016 to four percent of all Australian electricity generation in 2021, representing a five-year growth rate of 1,747 percent,” said the government’s climate change department on its website.
In Australia, rooftop solar PV systems remained the largest full-time equivalent employer among renewable energy types.
However, the share of renewable energy jobs has declined each year since 2012, according to the Australian Bureau of Statistics.
A 2021 report by the International Energy Agency found that “relatively high investment costs, lack of dedicated auctions and competition from solar PV and battery storage projects prevent the faster expansion of concentrated solar panel.”
Expensive Transition to Renewables
While renewable energy has been touted by the government as a cheap solution for climate change, a Canadian study found that if all costs are considered, wind and solar are actually more expensive to produce electricity and such a transition would be environmentally nonviable.
“When we look at the environmental impact of our energy systems, we have to look at the entire value chain,” the first author of the study Dr. Lars Schernikau said in SAGE talks in May. Schernikau is an energy economist and commodity trader.
“There is a production of raw materials that we have to consider. There’s the processing of raw materials that we have to consider. There’s the transportation of raw materials and products that we have to consider,” he said.
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“Of course, there’s the actual operation, the combustion of materials, whatever we do with the production. And then there’s the recycling. So these are the main steps where we have to consider our environmental impact.”
Schernikau said there’re non-emission issues to consider as well, such as energy efficiency, material efficiency, space requirement, waste requirement, the effect on animal and plant life, and the effect on health and safety.
“Wind and Solar have zero CO2? Why? Because during combustion, they don’t produce CO2. But when you look at the entire value chain, they produce a lot of CO2,” said Schernikau.
Harry Lee contributed to this article. Cross-posted from our premium news partners at The Epoch Times.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
