Solar energy company goes bust losing taxpayers £138 million

Toucan Energy is the owner of 53 solar parks in England, Wales and Northern Ireland

Big Zero Report 2022

One of the largest British solar firms has entered administration following a scandal that led to the resignation of a council leader.

Toucan Energy Holdings had a portfolio of 53 solar parks with an estimated combined capacity of 513MW across England, Wales and Northern Ireland.

It was reported that Thurrock Council invested £655 million in the company, which only formed in 2015.

Conservative Leader of Thurrock Council Rob Gledhill stepped down in September in the wake of an investigation by the Bureau of Investigative Journalism.

At that point, there were allegations that £138 million of taxpayers’ money had been lost.

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.”

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