Solar 21, a leading global investment group focused on renewable energy, recently announced the hiring of a forensic accountant to provide additional oversight and transparency to investors. The move is part of the company’s continued efforts to bolster investor confidence and ensure the highest level of corporate governance. In this article, we will explore the significance of Solar 21’s decision to hire a forensic accountant and what it means for the renewable energy industry at large.
Solar 21, an Irish renewable energy company, has appointed an insolvency expert and forensic accountant to act as a “proxy” for investors in an effort to re-establish relationships with brokers and their clients. John McStay of McStay Luby Chartered Accountants in Dublin was introduced to brokers on a video call on Friday, with Solar 21’s CEO, Michael Bradley, explaining that they brought on Mr. McStay as an unbiased third party to review the work done by their leadership team disposing of assets to repay investors. The company has delayed payments to some investors on loan notes relating to a UK waste-to-energy project and promised brokers and clients an update on progress in March 2021. Solar 21 began a process to sell assets to repay investors, and the company has now engaged with London law firm Addleshaw Goddard to put comprehensive plans in front of investors in the coming weeks. With almost 3000 investors, Solar 21 aims to reset relationships with brokers and their clients through a collective process where information will be provided.
In conclusion, Solar 21’s decision to hire a forensic accountant to report to investors is a step in the right direction. It shows the company’s commitment to transparency and accountability in its financial reporting. By addressing any potential issues head-on, Solar 21 is building trust with its investors and ensuring a sustainable future for the business. As the world shifts towards more sustainable energy solutions, it’s crucial that companies like Solar 21 lead the way in ethical and responsible business practices. We look forward to witnessing Solar 21’s continued success and positive impact on the renewable energy industry.
