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GoldenPeaks Capital’s Polish solar and battery storage subsidiaries have filed for Chapter 11 bankruptcy protection in the US
The companies said they chose this path after evaluating alternatives, as it is expected to preserve more value for stakeholders while allowing operations to continue
Brookfield is reportedly considering additional financing for GoldenPeaks during the restructuring
GoldenPeaks Capital’s Polish solar and battery energy storage subsidiaries have filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas as part of a coordinated group restructuring.
According to board resolutions filed with the court, the companies’ directors reviewed their financial and operational condition, including assets, liabilities, historical performance, and market conditions, before deciding to pursue Chapter 11 proceedings.
The board evaluated various strategic alternatives with the support of legal, financial, and restructuring advisors and concluded that a Chapter 11 process is expected to preserve more value for stakeholders than any other available option.
Court filings indicate the restructuring involves multiple entities within the GoldenPeaks group and liabilities estimated at between $500 million and $1 billion.
The filings do not specify the exact causes of the financial distress. However, the restructuring is aimed at addressing the group’s financial obligations while allowing operations and asset management activities to continue under court supervision.
According to Bloomberg Law, private equity company Brookfield is considering providing additional funding to GoldenPeaks as part of the Chapter 11 proceedings. GoldenPeaks Poland is reportedly finalizing a financing package of an undisclosed amount with Brookfield, whose affiliates are both shareholders and senior lenders of the former. Brookfield had earlier invested €8.5 million in the company.
By 2021, GoldenPeaks Poland’s parent, GoldenPeaks Capital, had become Poland’s largest solar PV owner-operator, focusing on projects ranging from 1 MW to 20 MW. The company later expanded into utility-scale solar developments exceeding 100 MW per site and added large-scale battery energy storage projects. It also entered Hungary and expanded into other European markets.
A year ago, GoldenPeaks Capital closed a senior loan facility led by Siemens Financial Services to finance the construction of its Polish PV portfolio.
