Snowy 2.0 cost increases ‘inevitable’ after Clough collapse

to Italy’s Webuild in early November in a $350 million conditional deal, which would have put the Italians solely in charge of building Snowy 2.0.

Webuild and Clough have been building Snowy 2.0 in a joint venture and are also working together on sections of Australia’s Inland Rail project. But late on Monday, a Webuild statement said the companies had “jointly determined and agreed that there is no reasonable prospect of that acquisition proceeding through to a successful completion”.

“The parties have therefore unconditionally agreed to terminate the sale and purchase agreement with immediate effect,” Webuild said.Roberts said in a statement to the Johannesburg Stock Exchange that they had been “left with no choice” but to put Clough, which has about a dozen operating companies registered in Australia, and its subsidiaries under voluntary administration.

Clough’s auditors, PwC, warned in the company’s most recent annual financial report filed with the Australian Securities and Investment Commission that the Perth-based group’s ability to continue as a going concern depended on the completion of a sale to Webuild.Webuild was going to give Clough an interim loan of $30 million to give it working capital until the proposed sale was completed.

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