Sydney-headquartered concentrated solar thermal power company Vast Energy has entered into voluntary administration, with KPMG Australia’s Peter Gothard and Amanda Coneyworth appointed as voluntary administrators to Vast Renewables and its wholly owned Australian subsidiary companies, Vast Solar and Vast Energy.
A statement from KPMG says Vast’s operations will continue as normal while the administrators complete an urgent assessment of the business and begin a sales process.
KPMG Turnaround and Restructuring Partner and Administrator Peter Gothard said KPMG is working closely with Vast’s management team to explore pathways that maximise the value of Vast’s major project, Vast Solar 1 (VS1), and its interest in the Port Augusta Green Energy Hub.
VS1 is a planned 30 MW / 288 MWh, 8+ hours concentrated solar thermal power (CSP) plant being developed in Port Augusta, South Australia (SA), 307 kilometres north of Adelaide.
Image: Vast Renewables
Securing existing shareholder funding and launching a capital raise in August 2025 was actioned to support a growing international 3.7 GW project pipeline and the delivery of the Port Augusta Green Energy Hub (GEH).
The Port Augusta GEH will be home to the VS1, a 140 MW / 2-hour lithium-ion battery developed in partnership with 1414 Degrees, and the South Australian Solar Fuels (SASF) green fuels demonstration plant that aims to produce low-carbon hydrogen-derived fuels for aviation and shipping.
“The Administrators will be launching an urgent expression of interest campaign in the coming days, seeking parties interested in purchasing or recapitalising the business,” Gothard added.
The Voluntary Administration does not relate to Vast’s US-based entities or SiliconAurora , which controls the Port Augusta Green Energy Hub including the battery development.
The first creditors meeting for Vast is expected to be convened for Monday 24 November 2025.
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