SolarZero of New Zealand has informed its customers and employees of entering the liquidation process
Unsustainable operating losses and liquidity constraints are the factors listed by the management
Grant Thornton is the liquidator while Verofi will work as the replacement service provider for customers
Within a few years of being acquired by one of the world’s largest asset managers BlackRock, New Zealand-based solar energy company SolarZero has announced entering the liquidation process.
Reasons shared by the management include ‘unsustainable operating losses, and liquidity constraints’ that made it unable to continue trading in its current form.
“This difficult decision follows work to explore a range of options to restructure the company. Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business,” said the directors of the company in a statement.
In the business of installing solar and energy storage systems for homes and small businesses, SolarZero says it pioneered the solar subscription service in the country. According to its website, 1 in every 3 solar system installations in the country was installed by it with over 15,000 homes powered.
“From day one, the company’s mission was to make solar energy affordable and stop climate change. We remain optimistic for New Zealand’s transition to becoming 100% renewable and thank the customers, colleagues and partners who shared our vision of a cleaner, greener, Aotearoa,” they added.
Senior lenders of the company have appointed Verofi as the replacement service provider to continue its energy services to existing customers. Independent global accounting firm Grant Thornton’s Russell Moore and Stephen Keen have been appointed as the liquidators.
The company had earlier announced its acquisition by BlackRock Real Assets through the latter’s BlackRock Climate Infrastructure Fund (see BlackRock’s PV & Storage Acquisition In New Zealand).
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