Toucan Energy Holdings 1 Ltd., which owns 53 solar farms across the country and was run by the financier Liam Kavanagh, had borrowed £655 million ($773 million) over four years from Thurrock Council to fuel its expansion.
In September, Rob Gledhill, the former leader of the council, resigned after the government appointed a commissioner to take over the Conservative-led authority. At the time of his resignation, Gledhill said in a statement: “As Leader of the Council the political buck stops with me and as such it would only be right, and expected, that I resign as Leader of the Council.”
In July, John Kent, the council’s opposition leader, described the investments as “a scandal of huge proportions.”
Last week, Thurrock Council appointed administrators from Interpath Advisory, which has been tasked with selling off the farms to return cash to the council. While Toucan Energy Holdings 1 is in administration, Interpath said in a statement that the underlying parks were not, and would continue to operate as normal.
Mark Coxshall, leader of Thurrock Council, said in a statement that the move would “maximize recovery” for taxpayers.
Related: If Wind-Solar-Batteries were mined and manufactured using only the energy produced by Wind-Solar-Batteries, I would have no objections whatsoever. But I like food.
Brit Solyndra.
Seems like most of these green energy projects are designed to suction taxpayer money into a few wealthy pockets, and then go bust. Said wealthy pockets are generally politically well-connected, and the “investor” public entities are left holding the bag.
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If only there was some way to generate
electricity from rain and fog.
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… because it can sure generate loads of ££££’s flowing into someone’s pockets
Thurrock has a population of 175,000, so this is 3,742 pounds per head or likely about 20,000 pounds per tax payer.
20,000 will pay about 4 months of their power bills before they freeze from polarization stuck to the toilets.
With so much free money up in the air it would be irresponsible to not declare bankruptcy so you can do it again under a different name..
Thread winner!
$773M of other peoples money vaporized and someone resigns. Now that’s accountability. Actually anyone with a shred of decency would blow their brains out. Including anyone on council who voted for this shambolic fraud.
Yup, we could use a whole lot more Budd Dwyers.
Hey man, nice shot.
As he said … the Buck stopped with him. Presumably a few hundred thou of those Bucks every year … which are now securely stowed off-island to avoid taxes.
These are the people you meet in the Cayman Islands with not a care in the world.
I spent my Cayman-travel fund on income taxes last year … and every year before that.
Nice to know that I funded travel for some Royal Scam artist …
I believe many are partying in Egypt right now.
question 1: how does a council have £655 million laying about to lend to a private business?
question 2: who got paid to approve this deal?
question 3: were the “solar farms” in the council area?
/proving once again that governments are experts at malinvestment of the funds that they extort from taxpayers
1. Infrastructure loan?
2. Everyone on council with a new home
3. No, it’s too windy there.
Your fearless Canadian leader didn’t show up at the 27th Criminals CLIMATE con job.. I missed getting to throw 2 dollar eggs on him.
Guessing he’s looking for a warmer place to live .
Kate,
PayPal 20 you get 15,
what the heck?
As they sometimes say, a scam is a scam is a scam.
Period
I couldn’t agree more.
Everywhere. Ha
The Saskatchewan NDP would consider this a resounding success. #potatoes #hogs
They’d be just as well off by putting their money in bitcoins.
L – Immediate forecast – dark, storm clouds hovering over the solar panels, until nightfall.
The climate trend future forecast, this to continue for Eons.
Well, I am truly astonished that such doers of good things such as saving the planet with green energy, investing their own time and effort into the enterprise, such fine, well intentioned people, would be accused of taking the money and running.
Cor, knock me down wiv a fevva.
Interesting how all these big companies can go belly-up with the senior executives walking away with bonuses and no liabilities. Any small corporation I knw which takes out loans has to have an owner’s (and often spouse’s) personal guarantees plus a lien on their house before even the smallest loan gets approved.
Sounds like Blind River Ontario. Didn’t they bankrupt themselvs over some solar scam?