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Solar Firm Collapses, Owing UK Taxpayers £655 Million (Correct)

Nov. 15, 2022, 8:56 PM

A solar energy company has fallen into administration after racking up more than half a billion pounds in debt to a local authority in Essex, southern England.

Toucan Energy Holdings 1 Ltd., which owns 53 solar farms across the country and was owned 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 ...