Solar 21, the Irish renewable energy firm, is proposing a scheme of arrangement that includes the sale of its key assets, which is set to be put before the courts on May 8. Chartered accountant John McStay, a key adviser to the company, stated that the plan is “in the best interests of the Investors when compared to the alternative of a liquidation.” Solar 21 has warned that if the scheme is not approved, insolvency is likely, resulting in significantly lower realisations and higher costs. The company has been facing repayment difficulties since January 2022, after the EFW 21 Project 1 was cancelled due to significant issues and delays. The project had raised €209.5m from Irish investors, many of whom invested substantial amounts of their pension money.
