MELBOURNE Iron ore magnate Andrew Forrest called on Thursday for an overhaul of a A$30 billion (S$28 billion) project to send solar power from Australia to Singapore that collapsed after he and tech billionaire Mike Cannon-Brookes split over funding plans.

Singapore-based Sun Cable, largely owned by Mr Forrests private company Squadron Energy and Mr Cannon-Brookes private company Grok Ventures, appointed voluntary administrators this week, less than a year after raising A$210 million for the Australia-Asia PowerLink project.

In Squadrons first public comments since the collapse was announced on Wednesday, the company said the project requires vision and precise execution.

Squadron Energy believes in the vision but believes the manner in which the project is delivered needs urgent change, Squadron chairman John Hartman said in an e-mailed statement.

The project involves building a 20-gigawatt solar farm, the worlds biggest energy storage facility and the worlds longest undersea cable, 4,200km long, to deliver power to Singapore and Indonesia.

Exceptional governance practices and world-class project delivery expertise, as well as pursuing bankable technologies, will be required to make the project a reality, Mr Hartman said.

Co-owner Mr Cannon-Brookes, who in 2019 called the project completely bats*** insane when he first invested in it, on Wednesday said he still fully backed the projects ambition and team.

Australian Energy Minister Chris Bowen on Thursday also expressed confidence the project would eventually go ahead with a new funding structure after having spoken to very senior people in Sun Cable.

I remain very upbeat and excited about Sun Cables future, Mr Bowen told reporters.

He said Sun Cable, which had hoped to begin construction in 2024, is crucial to Australias ambition to become a major renewable energy exporter.

The administrators of Sun Cable at FTI Consulting declined to comment. On Wednesday, they said the next steps would most likely involve seeking expressions of interest to recapitalise or to sell the business. REUTERS More On This Topic Sun Cable enters administration: Firm planning mega project to supply solar power to Spore from Australia Sun Cable project, which plans to send electricity to S'pore, reaches investment milestone