File image. Photo: lighthunter/123RF
SolarZero customers are being told not to worry about the future of their solar panels, as the company goes into liquidation.
The company said on Tuesday that "due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form".
SolarZero owner BlackRock told RNZ on Thursday the board of SolarZero had formed a view that the business was not sustainable in the long term without significant restructuring.
Discussions were held with multiple parties to identify options that could support the business "while meeting the needs of stakeholders", a spokesperson said.
"Regrettably, these efforts could not be brought to fruition and the company's board made the difficult decision to appoint a third-party liquidator to oversee the transition of the business and address the interests of creditors."
BlackRock had been the sole shareholder of SolarZero since 2022.
Some customers were concerned about the future of their contracts with SolarZero. It sold solar power systems on a no-money-upfront basis, and a 20-year lease agreement.
SolarZero said the subscription would continue for existing customers, although no new systems would be sold. It would be managed by Verofi.
'The benefits will continue including battery replacement, 24/7 monitoring, battery optimisation, repairs and support when moving house. The SolarZero App remains fully operational and is supported by experienced solar engineers."
New Zealand Green Investment Finance provided lending to SolarZero and said it was working with other lenders and the liquidator to understand the situation.
It exposure is tied to solar-as-a-service contracts for panels and batteries. Its total commitment was $145 million but only about $115m was drawn down at the time of liquidation.
Consumer NZ said SolarZero was entitled to assign its rights and obligations under its terms and conditions to another party.
"SolarZero has advised that 'services will continue uninterrupted to customers throughout the country with Verofi'. Therefore, at this stage, there is no need for customers to do anything.
"If Verofi wishes to change the terms and conditions, it would need the agreement of customers to do so," a spokesperson said.
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