Vast Renewables collapses into administration, KPMG appointed

A pioneering solar power company behind a vast Australian green energy project has collapsed into administration.

Renewable energy company Vast Renewables has plunged into administration. Picture: Vast Renewables

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.

Vast is chaired by former Oil Search chief executive Peter Botten. Picture: Vast Renewables

The Sydney-based business entered voluntary administration on Thursday. Picture: Vast Renewables

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 process.

Mr Gothard said KPMG was working closely with Vast’s management team to explore pathways that maximise the value of major project VS1, and its interest in the Port Augusta Green Energy Hub.

Vast was established in 2009 and lists its headquarters in North Sydney. Picture: Vast Renewables

The business’ operations will continue as normal while the administrators complete an urgent assessment of the company. Picture: Vast Renewables

“The administrators will be launching an urgent expression of interest campaign in the coming days, seeking parties interested in purchasing or recapitalising the business,” he said.

The administration does not extend to Vast’s US-based entities or SiliconAurora, which controls the Port Augusta Green Energy Hub including a 140MW/ 2 hour battery development.

It is not yet known what led to the company’s collapse, or how much is owed to creditors.

The first creditors meeting is slated for November 24.

It comes after Vast’s admission last year that it would need to secure new equity funding to stay afloat, after its annual loss ballooned to nearly $450m, despite finalising a significant financing deal in December.

The company began trading on the Nasdaq in 2023 after merging with a special purpose acquisition company.

In its FY24 financial report, Vast said it remained “confident” of obtaining the necessary funding to continue operating, but it could give no guarantee.

Originally published as Vast Renewables collapses into administration, KPMG appointed