The company’s directors advised its more than 160 employees that due to “unsustainable operating losses and liquidity constraints”, the business was unable tocontinue trading in its current form.
The Herald has put questions to the liquidators - Russell Moore and Stephen Keen of Grant Thornton.
SolarZero said its directors had requested its senior leaders “take enforcement action” and appoint the standby servicer, Verofi, as the replacement servicer and that its shareholder appoint a liquidator.
The company said its customers will not be affected by Tuesday’s announcement.
In August, the Herald reported SolarZero, which was sold to US private equity giant BlackRock, said it had “pioneered a new financing model” to expand its debt funding to $195 million.
Its chief financial officer James Allard said French bank Societe Generale provided $130m of the $195m, and Crown-backed NZ Green Investment Fund (NZGIF), a ‘green investment bank’ that lends money to environmentally-friendly firms, provided the balance under its Solar Finance programme.
The NZGIF told the Herald it had been informed of the voluntary liquidation on Tuesday.
“NZGIF provided lending to enable the installation of solar panels and battery systems by SolarZero,” a spokesperson said.
“NZGIF is working with other lenders and the liquidator to understand the situation as it unfolds.
“NZGIF acknowledges the hard work and dedication of the SolarZero team, having worked with it for several years as a lender. NZGIF does not have any further comment to make at this stage.”
A installation by SolarZero, which sought to make clean energy more accessible and affordable for households nationwide. Photo / File
What was SolarZero?
Customers of SolarZero could buy solar panels and a battery set-up outright, which often runs to $20,000-plus or, as most did, pay nothing up-front.
The company continued to own all the hardware and the customer paid a set fee per month for “energy as a service”.
Rates varied depending on the set-up, especially the number of solar panels installed.
SolarZero’s statement said it emerged as New Zealand’s leading solar company, revolutionising renewable energy solutions for Kiwis after it was founded in the 1970s.
“The company pioneered New Zealand’s first solar subscription service, making clean energy more accessible and affordable for households nationwide.
“The company developed and operated Australasia’s largest virtual power plant, a critical innovation in advancing the region’s journey toward net-zero emissions.”
“Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business,” the directors of SolarZero said.
“This is a tough day for SolarZero teams, who have worked hard to build a more sustainable New Zealand. Today’s decision is not a reflection on their work or commitment.
SolarZero would not provide further comment since liquidators have now been appointed.
The company had key office sites in Auckland, Christchurch and Wānaka.
-Additional reporting by RNZ.
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