Solar 21 investors face significant loses from energy firm

The energy from waste company needs to sell two plants to return money to backers

Michael Bradley of Solar 21. Picture: Maura Hickey

Investors in troubled renewable energy firm Solar 21 face a significant haircut on their return, a new report has found.

The latest update from Alvarez & Marshall, which are supervising the firm’s restructuring process, said activity to recommission a vital plant had paused and another was operating at only 35 per cent capacity.

It also said Solar had instructed EY to create valuations of the plants in their current conditions.

Solar needs to sell these plants to return money to investors owed around €250 million and if the defects are not rectified they will sell for tens of millions less than anticipated.