Solar, storage and VPP specialist Verdia tumbles into administration

Energy services company Verdia has fallen into administration, the latest in a series of energy company failures arising from the Covid 19 pandemic and the energy crisis sparked by the Russia invasion of Ukraine.

Verdia – a specialist in solar, storage, and virtual power plants, and with some big corporate customers, has appointed  Quentin Olde and Liam Healey from Ankura Associates as administrators.

The announcement was posted on the ASIC notice board on Monday and continues a massive shakeout of small energy retailers and service companies over the last six months.

Verdia describes itself has an energy services company that helped large businesses implement renewable energy and energy efficiency projects to reduce costs and achieve environmental targets.

Its activities included the design, development and delivery of projects that can include rooftop and ground mounted solar, corporate PPAs, energy storage, virtual Power Plants and LED lighting.

Its focus was on big energy users and its clients included CC Amatil, Stockland group, the NSW government and Opal aged care, and a number of schools.

It is understood that Verdia’s problems evolved out of the difficult operating environment during Covid lockdowns that affected clients, delayed project decisions and construction, and had an impact on supply chains and costs.

That led to lower than forecast sales over the last two to three years and accumulated debts. The administrators were appointed while management puts together a restructure plan. A creditor’s meeting will be held on November 22.