JIM Tucker, David Pike and Kristina Kicks from Interpath Advisory were appointed joint administrators to Toucan Energy Holdings 1 Limited on 10 November 2022.
The Company, via a number of Special Purpose Vehicle subsidiaries (SPVs), owns a portfolio of 53 solar parks with a combined capacity of 513MW, located across England, Wales and Northern Ireland.
The Company sought the appointment of joint administrators after concluding that its liabilities exceeded its assets.
Jim Tucker, managing director at Interpath Advisory and joint administrator, said: “This is a significant portfolio of high-quality renewable generation assets which, as the UK accelerates its transition towards a green and renewable future, have an important role to play in the nation’s energy security strategy.
“The underlying solar park operations are not in administration and continue to operate as normal. Our immediate priority is to put in place the stable platform at the top of the group which will reassure stakeholders that it is business-as-usual in the underlying operations.
“Given their significant underlying cash generation, we expect considerable interest in the assets. In the coming months we will work closely with our M&A advisors, as well as Thurrock Council as the Company’s major creditor, to bring these assets to market in a full, unhurried, sales process.
“Our proposals to creditors will be published within eight weeks of our appointment, at which time we will provide more details about our strategy for the administration.”
