Summarised by Centrist

SolarZero, once New Zealand’s largest solar and battery firm with around 15,000 customers, announced its liquidation on Tuesday, citing unsustainable operating losses and liquidity issues.

The company, which pioneered solar subscription services and operated Australasia’s largest virtual power plant, ceased operations effective immediately, leaving over 160 employees without jobs.

Founded in the 1970s and later sold to US private equity giant BlackRock, SolarZero had expanded its operations with $195m in debt funding, including contributions from Societe Generale and the Crown-backed NZ Green Investment Fund (NZGIF). 

The NZGIF confirmed its involvement in funding SolarZero’s solar and battery installations and is now working with other lenders and liquidators to assess the situation.

SolarZero offered customers the option to lease solar equipment under a monthly subscription model, aiming to make clean energy affordable. However, the company’s financial struggles ultimately led to its downfall.

“This difficult decision follows work to explore a range of options to restructure the company,” SolarZero’s directors explained that no viable solution could save the business.

The liquidation does not impact existing customers, according to the company. Liquidators Russell Moore and Stephen Keen of Grant Thornton have been appointed to oversee the process. 

Read more over at The NZ Herald

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