One of Britain’s biggest solar firms has entered administration after a scandal led to the resignation of its board chief.
Toucan Energy Holdings had a portfolio of 53 solar parks with an estimated total capacity of 513 MW across England, Wales and Northern Ireland.
Thurrock Council has reportedly invested £655 million in the company, which was founded in 2015 alone.
Rob Gledhill, the Conservative leader of Thurrock Council, resigned in September following an investigation by the Journalism Investigation Bureau.
At the time, there were allegations that £138m of taxpayers’ money had been lost.
Jim Tucker, Managing Director and Joint Administrator of Interpath Consulting, said: “This is a significant portfolio of high-quality renewable generation assets that will play an important role in the country’s development as the UK accelerates its transition to a green and renewable future. energy security strategy.
“The main operations of the solar park are out of control and continue to operate as normal. Our immediate priority is to put a stable platform at the top of the group that will reassure stakeholders that it is business as usual in core operations.
“Given their significant cash flow generation, we expect strong interest in the assets. We will be working closely with our M&A advisers, as well as Thurrock Council, the company’s main lender, to bring these assets to market in a full, fast-track sale process over the coming months.”
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