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 ...