Leading solar developer Ingenero placed in administration

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The Australian solar industry has been rocked by the apparent collapse of one of the country’s largest and most prominent solar developers, the Queensland-based Ingenero.

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The Australian solar industry has been rocked by the apparent collapse of one of the country’s largest and most prominent solar developers, the Queensland-based Ingenero.

ingeneroAccording to ASIC documents, Ingenero was placed in the hands of external administrators late last week. It is believed to have been done at the request of a US creditor.

Chris MacDonnell from the Sydney-based insolvency specialist Restructuring Solutions is now managing the business, and has taken control of all assets, including its leasing contracts with Barcoo Council and others.

Among those most affected could by Trina Solar, said to be a large supplier of modules, and partners such as First Solar, which also holds 4.6 million preference shares in the company, according to ASIC files.

Other shareholders include staff members and directors, venture capital firm CM capital, Persephone Investments and Coachhouse Investments.

Ingenero and First Solar are also working on the ground-breaking $23 million solar plus storage facility at Rio Tinto’s Weipa operations in north Queensland, which has been partly funded  by the Australian Renewable Energy Agency. Last year, they teamed up to  accelerate the roll-out of hybrid PV systems in regional Australia.

ingenero UQIngenero’s business extends across commercial, industrial, utility and residential customers. Its installations include the Fraser Coast 400 kW Community Solar Farm, 235 kW Alice Springs Airport concentrator photovoltaic solar farm and a rooftop solar power system (1.5 MW) at the University of Queensland (pictured).

It also installed a solar PV tracking plant at Kangaroo Island airport to provide clean electricity to charge electric vehicles. And it was one of the leaders in the solar leasing market.

The news stunned many in the industry, and raised speculation that other Australian companies may also be in trouble, partly because of uncertainty around the future of the renewable energy target.

There is speculation that the RET will be diluted and incentives to smaller scale installations (less than 100kW) removed – a decision that some in the industry say could cause the market to contract by half – sending hundreds of businesses to the wall and causing thousands of jobs to be lost.

RenewEconomy sought to speak with MacDonnell and Ingenero but its calls were not returned before publication.

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6 Comments
  1. Tim Buckley 5 years ago

    Tony Abbott will be happy today – his government today approves the largest black coal mine in Australian history (a stranded asset in the making) and at the same time his dismantling of Australia’s clean energy system destroys another innovative renewables technology company that was creating highly skilled Australian jobs of the future. His fossil fuel paymasters are getting certainly their monies worth.
    Funny about the laws of unintended consequences. Aren’t Australian coal company share prices at five year lows? Will Origin or Shell ever get a commercial return on their gold-plated LNG facilities at Gladstone now the US LNG export market is opening up? Aren’t Australians now paying one of the highest retail price for electricity in the world despite all that cheap coal? This is not good for Australia’s future.

  2. John Silvester 5 years ago

    It is disappointing to see a local solar project developer brought down by State and Federal policies aimed at stopping the transition to a low carbon electricity.
    It would seem the policy environment we have in Australia now will see overseas investors abandon investment in Australia in favour of countries with progressive renewable energy policies.
    If RET review goes the way Abbot planed, investment in large scale renewable projects will be unlikely for many years.
    When Australia does decide to, or is forced to, decarbonise, we won’t have the local expertise to develop these projects. We will have to import the required expertise rather than having local developers in a position to export that expertise.

  3. Neil Keane 5 years ago

    It’s horrible to see this continued ruining of companies that have been providing the projects and technologies helping to reduce CO2 emmissions within Australia. Ingenero certainly aren’t the first to have been effected, and with the current policy changes being implemented and proposed by the Abbot government they certainly won’t be the last!

  4. Dean Ervik 5 years ago

    https://reneweconomy.com.au/2014/imf-calls-for-higher-taxes-on-dirty-fuels-to-fight-climate-change-48990

    Just in time for the rest of the world to put a price on pollution, geeeze!

  5. Mark Anthony 5 years ago

    This is caused by a party that gave no figures before the election, nothing of substance since and are aligned with an ethos akin to the very people who engineered the global recession. Maybe its time to look at One Nation…..Australia and looking after ourselves and our future first. Kevin Rudd, wasn’t the idiot everybody made him out to be. When business cries loudest, you can rest assured that it’s only their own profits they are worried about, not the livelihood of their employees and Australians. Now we see one of the industries set up under the Rudd government and beginning to prosper, close down and many others will follow!

    What happens to all the people who, in good faith entered into contracts to install solar? What happens to their warranties and their guaranteed rebates? Major Class Action coming up, naming both State and Federal Governments, along with the energy companies who are trying to get out of giving rebates.

    Take a bow, the climate sceptics; led by the Abbott lunatics….(The Coalition).

    Mark Anthony

  6. CoreyAnder 5 years ago

    Everyone concerned about the future of renewable energy in Australia can do two things now.

    One – ring, write and/or visit your local federal MP if they are from the coalition. If they are not from the coalition ring, write and/or visit your coalition senator. Let them know why you support renewables and what you think of Abbott’s actions.

    Two – get someone else to do the same.

    Three – join an action group like Solar Citizens and help organise your community to resist Abbott’s march into the past.

    Think of other things to do like I did writing this message.

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