The Solyndra of the UK?!?
govrment fraud and UK high street bank collusion?!
From here:
Taxpayer on the hook for millions as solar company faces administration
“Taxpayers are facing a potential multimillion-pound blow as a leading British solar energy developer risks the threat of administration.
“Hive Energy is preparing to appoint administrators just months after securing a £60m taxpayer-backed loan from HSBC to launch itself as a global operation.”
“The loan was announced by the UK Government last November at the UN’s COP30 climate conference to show how the UK was supporting the global expansion of solar. The loan guarantee was personally endorsed by Tim Reid, the chief executive of UK Export Finance Agency (UKEF), who said he was “proud” to support Hive.
” It is the second such loan offered to Hive Energy, following a similar guarantee for a £19m loan from Santander taken out in 2024.”
Ho many other loans from other banks have there been?
Are they all tied up in the sleaze and corruption endemic in the financing of the ‘net zero’ climate cult?
Remember this?
A total of 379 million to the company -HIVE ENERGY.
It all looks so similar to the debacle surrounding US company – SOLYNDRA.
“Solyndra, once a promising solar panel manufacturer, collapsed in 2011 due to a combination of technological misalignment, market competition, and political controversy, resulting in significant financial losses and scrutiny of government investments in renewable energy.
Ther are troubling details within the article:
“The latest accounts, covering the year to March 2024, describe Hive as operating in 20 different countries through 180 subsidiary companies – most of which are linked to particular renewables projects.
“Its UK projects include the Cleve Hill solar park, the UK’s largest operational solar and battery storage facility on marshes on Kent’s north coast prized by locals as a wildlife refuge.”
“Company accounts from 2024, the last published, show Hive has two directors but that Mr Redpath has a majority shareholding.
The company made an operating loss of £29m in that year, but sold off assets worth £37m, paying the resulting dividends of about £7.4m to “a director, their wife and children”.
The same accounts state that Hive’s “directors and shareholders” had borrowed a further £7.2m from the company.
Right – sems all open and above board- NOT!
How many similar dals have ben awarded for similar ‘renewables projects in ‘wind and solar’?
Maybe the formation of Octopus Energy from th corpse f Bulb bears closer scrutiny!
“The UK government provided £1.7 billion in financial support to Bulb Energy when it entered Special Administration in November 2021.
“ This funding was used to keep the company operational and ensure uninterrupted energy supply for its 1.7 million customers while a buyer was sought. The support was temporary and intended to prevent a collapse that could have disrupted energy services.
“The government later recouped this cost and more through a deal with Octopus Energy, which acquired Bulb in late 2022. Octopus repaid over £3 billion in total, including the original £1.7 billion, interest, and profits from a hedging agreement. This resulted in a £1.5 billion profit for UK taxpayers, closing the bailout chapter.”
“You don’t get owt for nowt”- as the saying goes! I am suspicious that the UK (or any) government managed a guilt free profit of £1.5 billion and started a successful business!
The Government has been handing out billions in subsidies ad tax breaks based on ‘models’ developed on spreadsheets that bear o relation o the real world we all live in.
Lots of pigs feeding at the taxpays trough.
Onwards!!!
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