Solar 21: High Court hears €250m energy firm’s lending is ‘a Ponzi scheme’
The renewable energy firm has been delayed repaying around 3,000 Irish investors
A renewable energy firm which owes investors more than €250 million has been likened to “a Ponzi scheme”, the High Court has heard.
The allegation emerged in a case concerning approval for a scheme of arrangement being sought by Solar 21, which has been delayed repaying around 3,000 Irish investors in its first energy-from-waste (EFW) plant.
By issuing loan notes, an unregulated product, Solar raised nearly £210 million (€242 million) for this project, which investors ...