Legal

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

By issuing loan notes, an unregulated product, Solar 21 raised nearly €242 million

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 ...