New Zealand solar PV and energy storage installer SolarZero, backed by private equity giant BlackRock, entered liquidation yesterday (26 November).
According to a company statement, the directors ceased operations due to “unsustainable operating losses and liquidity constraints”, and the company specified that current customers would “not be affected” by the news.
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The directors of SolarZero said in a statement: “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.
“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.”
Earlier this year, SolarZero transformed its financing model to raise US$195 million in debt facilities under a scalable ‘split-series’ structure. This effectively split the business into two series: the Customer and Battery series.
The Customer Series sought to ensure broad appeal and focused on financing the widespread adoption of SolarZero’s solar subscriptions via asset-backed customer contracts. On the other hand, the Battery Series sought to expand the company’s virtual power plant (VPP) offering and support the national grid in potential emergencies.
As PV Tech reported in 2022, SolarZero was acquired by BlackRock Real Assets via its subsidiary BlackRock Climate Infrastructure. At the time, the installer had plans to invest US$1 billion in new solar PV and battery systems in New Zealand, with an emphasis on the commercial and residential sectors.
In August, the company said it had around 15,000 customers and a 40% share of the New Zealand market.
Founded in 1970, SolarZero introduced New Zealand’s first solar subscription service, making the technology more accessible and affordable to households around the country. The company had also developed and operated what it claims to have been Australasia’s largest VPP using its proprietary smart battery and energy management platform.
Russell Moore and Stephen Keen of Grant Thornton have been appointed as the liquidators of SolarZero.
