Legal

Energy firm that owes €250m to investors paid out millions in fees, report shows

Solar 21 has filed High Court proceedings in an attempt to approve a scheme it says could repay 80 per cent of original investor funds

Michael Bradley of Solar 21, who co-founded the company with his brother Andrew Bradley. Picture: Maura Huckey

Companies connected to a renewable energy firm which owes more than €250 million to investors received nearly €14 million in fees and commissions, a report filed in the High Court shows.

Solar 21, which has been delayed repaying around 3,000 Irish investors in its first energy-from-waste (EFW) plant, also paid over £20 million (€23 million) of investor funds to Wealth Options Capital (WOC), which distributed investment for the firm.

An undisclosed majority of this money ...