SolarZero Limited, New Zealand’s biggest solar energy company, has announced its liquidation, citing unsustainable operating losses and liquidity constraints.
The “Toitū climate positive certified organisation”was founded in the 1970s and recognised for its role in renewable energy, ceased operations from 4pm on Tuesday.
The directors of SolarZero said the decision came after extensive efforts to explore restructuring options. “Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business. This is a tough day for SolarZero teams, who have worked hard to build a more sustainable New Zealand. Today’s decision is not a reflection on their work or commitment.”
Ahead of the liquidation, the company’s senior lenders took action to ensure uninterrupted services for SolarZero’s customers. Verofi has been appointed as the replacement service provider to maintain energy services for households across the country. The directors said that the announcement will not impact customers.
Russell Moore and Stephen Keen of Grant Thornton have been appointed as liquidators.
SolarZero’s directors explained the company’s financial challenges in a statement to employees, saying, “Due to unsustainable operating losses and liquidity constraints, the business is unable to continue trading in its current form.”
SolarZero employed over 160 staff across New Zealand, with key office locations in Auckland, Christchurch, and Wanaka.
The directors said, “From day one, the company’s mission was to make solar energy affordable and stop climate change. We remain optimistic for New Zealand’s transition to becoming 100% renewable and thank the customers, colleagues, and partners who shared our vision of a cleaner, greener, Aotearoa.”
