Renewable energy company Vast Renewables has plunged into administration, with KPMG experts brought in to restructure or sell the business.
The Sydney-based business entered voluntary administration on Thursday, with KPMG Australia’s Peter Gothard and Amanda Coneyworth now in charge of picking through the financial collapse of the company and its various entities.
Vast, which was founded by Sydney’s billionaire Kahlbetzer family and is chaired by former Oil Search chief executive Peter Botten, is a leading Australian on-demand renewable energy and clean fuels platform focused on concentrated solar thermal power.
It was established in 2009 and lists its headquarters in North Sydney.
The company’s technology delivers 24/7 carbon-free heat and power at utility-scale to decarbonise the grid, green fuels production and hard-to-abate industries.
This includes the company’s CSP v3.0 technology, which is being incorporated into a growing pipeline of zero-carbon power projects including the utility scale long duration energy storage project, Vast Solar 1 (VS1) located in Port Augusta, South Australia.
Operations will continue as normal while the administrators complete an urgent assessment of the company and begin a sales…