Legal

‘Overwhelming’ majority of Solar 21 investors back restructuring plan

Solar 21 has been in trouble for nearly two years after it defaulted on repaying investors in its first energy from waste plant in Melton

Michael Bradley, the chief executive at Solar 21, said he was delighted and that the proposals “present the best opportunity for investors to recoup the greatest potential return.” Picture: Maura Hickey

An overwhelming majority of investors voted in favour of restructuring proposals put forward by troubled firm Solar 21.

The company said today that over 99 per cent of investors, who are owed over €250 million, voted for a proposed scheme of arrangement it claims could allow them to recoup 100 per cent of their money.

The potential repayment relates to the original investment and not the up to 30 per cent return they were expecting.