Solar 21: ‘Inter-company lending contributed to potential loss for investors already owed €250m’

Inter-company lending done by a renewable energy firm which owes backers more than €250 million contributed to the potential loss for investors, a report filed in the High Court has said.

John McStay, an accountant with McStay Luby, said brokers had expressed “strong dissatisfaction” with the lending done by Solar 21 and poor communication had caused “distress” to brokers and investors.

McStay, who has been hired by Solar 21 to act as an independent expert, ...