South Australia-based renewables developer ZEN Energy has entered voluntary administration, appointing McGrathNicol as administrator.
The company said its viability had been impacted by wholesale electricity volatility.
Related article: ZEN Energy inks 10-year solar deal with BOC Australia
“We are urgently engaging with key stakeholders to determine the most appropriate strategy for the business which will deliver the best possible outcome for all stakeholders,” McGrathNicol partner Rob Smith said.
ZEN was founded by economist Ross Garnault and its CEO is his son Anthony Garnaut.
Just last week, commodity trading group Gunvor was given regulatory approval from the Australian Competition and Consumer Commission (ACCC) to purchase ZEN Energy’s retail business, including some of its power purchase and virtual tolling contracts.
The deal would reportedly also see Gunvor Group acquire ZEN’s IP, IT systems, and employees.
Related article: ZEN Energy inks 10-year PPA with Enel Green Power
ZEN Energy projects include the Templers Battery and Solar River hybrid project in South Australia, and the Western Sydney Pumped Hydro project and Wagga North Battery in New South Wales.
