Photo: Unsplash / American Public Power Association
A company behind a major solar power project in Hawke's Bay is in liquidation, with creditors owed more than $12 million.
SkySolar has been a registered business since 2013 and traded for a number of years providing small to medium-sized solar installations.
Late last year, the company revealed a major solar project in Ongaonga, which was reported to be one of the country's largest.
The company ran into financial trouble as it tried to raise money for the project and liquidators were appointed by the High Court in Auckland in March.
The first liquidators' report, by Colin Sanderson and Iain McLennan of insolvency practitioners McDonald Vague, said SkySolar was involved with other entities in planning and the initial development steps of the Ongaonga project.
SkySolar's involvement included meeting the initial costs of the project in return for a 49.9 percent share of the project.
The liquidators said the project advanced through the resource consent process.
But delays in securing the next stage of project funding affected the company's resources to move forward, leaving a number of unpaid creditors.
The report said just over $12.3m was owed to creditors, including $10.2m relating to a land purchase.
It said SkySolar's sole director, Cameron King, indicated his intention to have creditors paid and for an application to be made to the High Court to terminate the liquidation.
The liquidators said the company did not have any employees, but it was assessing claims for three parties claiming to be contractors.
It also said SkySolar owed $132,000 to Inland Revenue, including penalties and interest.
King declined to comment when approached by RNZ.
Liquidator Iain McLennan said if creditors were repaid, it was possible the company could be brought out of liquidation.
"What we've got here is a company that has a near 50 percent stake [in the solar project], was pursuing funds and ran out of time."
He said a High Court application to terminate the liquidation could not be made until after the creditors were repaid.