Australian solar project collapses after clash between its two billionaire backers

One of the world’s largest renewable energy projects has been placed into voluntary administration after Australian mining magnate Andrew Forrest clashed with tech billionaire Mike Cannon-Brookes over the terms of a new funding round.

Forrest’s Squadron Energy opted against supporting a recapitalisation plan because of concerns related to the project’s spending and future direction, according to two people with direct knowledge of the talks. Both billionaires had veto power.