Dwell updates: Mike Cannon-Brookes takes over Solar Cable, Philip Lowe delivers last speech as RBA governor, ASIC sues PayPal Australia, ASX down

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Enterprise reporter Emilia Terzon right here!

Certainly one of Australia’s richest males has formally taken over the reigns on the divisive photo voltaic export challenge Solar Cable.

You would possibly keep in mind that I travelled to the tiny city of Elliott (inhabitants simply 287!) earlier this yr to talk to locals there in regards to the break up between Solar Cable’s two early backers, Mike Cannon-Brookes and Andrew Forrest.

Elliott had been earmarked because the closest city to the location of the export challenge’s huge photo voltaic farm.

However locals there have been getting fed up with challenge delays and Solar Cable’s voluntary administration, that got here after a break up between the 2 billionaires over its imaginative and prescient to export photo voltaic to Singapore.

I nonetheless keep in mind one native’s message to MCB and Forrest: “Get your act collectively”.

As of at present, MCB  formally controls Solar Cable by his enterprise Grok, with native companions together with Quinbrook. And MCB reckons it’s nonetheless very a lot attainable to generate mass quantities of photo voltaic in central Australia, and ship it by to Darwin after which onto Singapore by way of a sub-sea cable.

“I acknowledge some folks would possibly suppose it is too bold, we do not imagine it’s,” MCB advised journalists in a briefing this afternoon.

“Frankly, the expertise exists to make this occur. 

“The following commodities growth on this nation is not going to be based on coal. It is going to be based on the technology and export of our renewable vitality.

“Solar Cable is a world altering challenge and will likely be on the coronary heart of Australia’s drive to turn out to be a renewable vitality superpower. “

Nevertheless, a last funding choice nonetheless hasn’t been made. MCB says it will come after talks with Singapore. He additionally confirmed that whereas the challenge will nonetheless very a lot proceed to be based mostly on solar, that it could additionally regionally encorporate wind energy.

And as for his message to Elliott?

He did not affirm whether it is nonetheless the chosen website of Solar Cable’s photo voltaic farm when requested by ABC Information, however did say he although the city’s frustration was “completely comprehensible”.

“I would not have wished this to be the trail of the corporate and the challenge it has to take. I can perceive the confusion and uncertainty.”

“I am hopeful that we’re not simply exiting from that course of, proper? We’re relaunching the challenge with new vim and vigor and dedication.”

Disclaimer: This submit has not been edited by PuzzlesHuB workforce and is auto-generated from syndicated feed.

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