A solar energy company has fallen into administration after racking up more than half a billion pounds in debt to a local authority in Essex, southern England.
Toucan Energy Holdings 1 Ltd., which owns 53 solar farms across the country and was run by the financier Liam Kavanagh, had borrowed £655 million ($773 million) over four years from Thurrock Council to fuel its expansion.
In September, Rob Gledhill, the former leader of the council, resigned after the government appointed a commissioner to take over the Conservative-led authority. [emphasis, links added]
At the time of his resignation, Gledhill said in a statement: “As Leader of the Council the political buck stops with me and as such, it would only be right, and expected, that I resign as Leader of the Council.”
In July, John Kent, the council’s opposition leader, described the investments as “a scandal of huge proportions.”
Last week, Thurrock Council appointed administrators from Interpath Advisory, which has been tasked with selling off the farms to return cash to the council.
While Toucan Energy Holdings 1 is in administration, Interpath said in a statement that the underlying parks were not, and would continue to operate as normal.
Mark Coxshall, leader of Thurrock Council, said in a statement that the move would “maximize recovery” for taxpayers.
Read more at Bloomberg
Like the Atlantic article re Covid Amnesty I expect Gledhill expects the same. THROW THE THEIF IN PRISON!!!!!!!!!!
If you take the map of the US and draw a line following the latitude in the middle of the US, you have a line that pretty much delineates reality. The entire region north of that line is solar power deficient, including ALL of Canada. Above that line solar power will NEVER begin to break even. Frost, dew, snow, deterioration, and low solar input during winter all make this a loss. Then, there is the fact, that, in areas south of that line, you still have high maintenance costs, leaves and dust, and relatively short lifetime of solar panels. This is ignoring the huge footprint of solar no matter where it is used and the huge infrastructure that also needs constant maintenance.
When Puerto Rico was hit by a storm the first thing to go were the solar farms, ripped apart by wind and accompanying debris, which highlights how delicate solar is.
Solar panels are a patent waste of time and only useful to the end user who wants to decrease dependency on the grid, or is too far away to connect to the grip. Sailboats can use it to top off batteries. If you do the energy analysis, such electricity is hyper-expensive, but it serves an important but small purpose, that of running instruments and starting the engine.
So they will maximise “recovery for taxpayers” by hitting us with massive subsidies we are forced to pay through our energy bills for the overpriced solar energy in the warm light summer when we don’t need it, that isn’t there when we really need it, when its cold and dark in the winter. You can’t make this blatant legalised crime up, its has to be imposed by law, by the elected criminals behind the racket. This is legalised crime, actual malfeasance.