KPMG administrators Peter Gothard and Amanda Coneyworth have recommended creditors accept a deed of company arrangement (DOCA) to sell assets of failed renewable energy company Vast Renewables and transfer its intellectual property to the Australian Renewable Energy Agency (ARENA).
Related article: Australian CSP firm Vast Renewables enters administration
Vast, a concentrated solar thermal power (CSP) specialist, was placed in administration in November 2025 despite having raised $5.3 million from major shareholders to progress its Vast Solar 1 (VS1) and Port Augusta Green Energy Hub projects.
The company had also received $21.5 million in grants from ARENA.
Vast’s 2024-25 financial report revealed the company had made a $4.56 million loss—an improvement from the $294 million loss recorded the previous financial year.
“The primary purpose of the proposed DOCA is to provide participating creditors with a better outcome than what would be achieved in a liquidation scenario,” the administrators’ report said.
The DOCA will see assets and claims of the 11 companies that make up Vast Renewables pooled together, with a single deed fund established to service the $30.6 million owed to unsecured creditors.
Related article: Vast seeks capital to drive Port Augusta Green Energy Hub
The DOCA also recommended that Vast’s intellectual property go to ARENA in order to maximise the chances of its commercialisation. ARENA holds a claim of $24.5 million against Vast.
