Solar 21 in wind down

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So having completely failed to regulate the sector, the State is now adding insult to injury by asking the out of pocket investors to foot the bill for an Investigation that it should be carrying out!
 
Marsupial said:
And more:



So having completely failed to regulate the sector, the State is now adding insult to injury by asking the out of pocket investors to foot the bill for an Investigation that it should be carrying out!
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Only reading this just now. https://www.irishtimes.com/crime-la...sed-investigation-into-renewable-energy-firm/

It really is a poor decision by the minister in my opinion. Unless the investors have deep enough pockets (and I read nothing to suggest that they do), then the Minister may have effectively ended their case, thus benefitting Solar 21.
 

Are you up to speed with the recent court case, Des? Did you receive the large load of bumpf from Solar or your broker about the proposed restructuring? In case you didn't, this is the final communication from John McStay about the thing.


IMHO, all of us "standing together" would be about as effective as all of us performing the Haka on Gabriel Makhlouf's front lawn! We've been royally screwed by the Government's / Central Bank's refusal to get involved with the regulation of these investments.
 
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My parents were advised to invest in Solar 21 (phase 2 of the project to be exact) and made a substantial investment along with mine and my siblings inheritance.

Our advisor only 2 weeks said things are positive following a restructure and we can expect payment in the next 12 to 15 months (just original investment)....she claims she is invested in it too but I cant help but think its smoke and mirrors and that we wont see anything back. I hope I'm wrong and tbf she has advised us well on previous investments.

I've been reading a lot of things online and hard to know where it will go. The fact Micheal Bradley has resigned and if it doesn't work out wont be held accountable doesn't sit well with me.
I feel like getting out in front of these things can always help, don't want to wait another 12 months just to be told it gone belly up.

Saying that, hard to know what to do if anything.

Has anyone heard recently from their advisors that it will likely be paid out within the next 12 to 15 months ?

Thanks
 
Paulor said:
Has anyone heard recently from their advisors that it will likely be paid out within the next 12 to 15 months ?
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I suspect that the Advisors are no wiser than the hapless investors about how well the restructuring will work out, how long it will take, and what investors are likely to end up with. And if you read the latest report from Alvarez & Marsal (circulated last month) you'll see that the recovery process is still in the early stages and a lot of hurdles lie ahead.

Two specific issues are those relating to the Tansterne Biomass Plant (see pp 23-24 of the report) and the delay in getting the required go-ahead for the North Lincolnshire Green Energy project. (And if that project doesn't get the green light, then there's nothing much to sell!)

Then of course there is the big question of how much the sale of these and other assets will realise, bearing in mind that prospective purchasers will be keenly aware that investors are anxious to get their money back as quickly as possible so are unlikely to bid top dollar prices.

In a nutshell, I wouldn't be too confident of receiving very much dosh in the next 12 - 15 months, regardless of how optimistic your advisor may be!

As for Bradley, I assume that the Corporate Enforcement Agency is still able to investigate any complaints that it may receive regarding his conduct.
 
I just read about Solar 21 for the first time this evening.

My heart goes out to investors like @Daughter's father who seem to have been corralled by their broker/FA into this "alternative" investment.

I've been looking through that company's website, the backgrounds of the principals and all that. The first thing that stands out is that the two brothers starting this outfit have a background in selling financial products like insurance and pensions. One of them has some sort of mech eng qualification though hasn't apparently worked in eng for long. It's not unusual for engineers to move into management. But it is unusual for someone to give up on a career almost from the start. Notable is the lack of a clear business model for Solar 21. It implies that the investments will be used to buy/build solar farms whose future incomes are assured through government regulated prices for solar electricity. As such the latter would then be assets of good return / assured value and hence saleable at a good profit - the profits being used to construct the next project.

But looking at the assets built to date we have total power of ~ 80 MW for an outlay by investors of hundred of millions of euros. Power stations built by power companies would bring in a lot more power for this outlay.


I am thinking that there is a space in the investment services sector for professionals capable of analysing investment propositions on behalf of investors. The donkey test for such propositions is if this is such a simple idea, i.e. exploit government incentives to build green power stations with investor funds, sell them after they go on stream and invest the profits on new ones, why haven't other guys in UK and Italy got in on it ? Are these two Bradleys the only bright sparks in Western Europe or what ?

Perhaps after viewing posts above on CBI's approach to investment products I should ask instead if Ireland is the only country in EU whose financial product regulator would allow such propositions to go onto the market ?
 
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