Mon, 14 Nov 2022 | ADMINISTRATION
Toucan Energy Holdings 1 Ltd., one of the UK’s largest solar farm owners, has fallen into administration after concluding that the scale of its liabilities exceeded its assets. The company, which owns a portfolio of 53 solar farms, has borrowed £655 million from Thurrock Council over the past four years.
Jim Tucker, David Pike and Kristina Kicks from Interpath Advisory have been appointed as joint administrators to the company and are now seeking to bring its assets (including the solar farms) to market in a sales process.
Interpath Advisory Managing Director and joint administrator Jim Tucker said: “This is a significant portfolio of high-quality renewable generation assets which, as the UK accelerates its transition towards a green and renewable future, have an important role to play in the nation’s energy security strategy.”
“The underlying solar park operations are not in administration and continue to operate as normal. Our immediate priority is to put in place the stable platform at the top of the group which will reassure stakeholders that it is business-as-usual in the underlying operations.”
Tucker added: “Given their significant underlying cash generation, we expect considerable interest in the assets. In the coming months we will work closely with our M&A advisors, as well as Thurrock Council as the Company’s major creditor, to bring these assets to market in a full, unhurried, sales process.
“Our proposals to creditors will be published within eight weeks of our appointment, at which time we will provide more details about our strategy for the administration.”
In September, former Thurrock Council leader Rob Gledhill resigned following the government’s appointment of a commissioner to take over the authority after it was found to have debts of £1 billion. The investments in Toucan Energy had previously been described by the council’s opposition leader, John Kent, as “a scandal of huge proportions”.
Following the appointment of administrators and the announcement that Toucan’s assets will be sold off, the council’s current leader, Mark Coxshall, said that the process would seek to “maximise recovery” for the area’s taxpayers.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
Opportunity to purchase a Lincolnshire based business that specialises in non-destructive testing (“NDT”) solutions for a wide range of industries.
Presenting to market the opportunity to acquire one of the North Wests leading providers of aircon and refrigeration services. With clients both in the region and nationwide, the business has gone from strength to strength in recent years, with consi...
Represents an opportunity to acquire the trade and certain assets of a consultancy business providing commercial, planning and project control services into engineering and contracting sectors
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.