(Bloomberg) --
SolarZero, a New Zealand company owned by BlackRock Inc. that supports solar panel installations on residential homes, has been placed into liquidation.
Due to unsustainable operating losses and liquidity constraints, the business is unable to continue trading in its current form and it ceased operations Tuesday, the company said in a statement. The directors requested its senior lenders appoint a replacement service provider to ensure services to customers are uninterrupted, and that its shareholder appoint a liquidator, according to the statement.
“This difficult decision follows work to explore a range of options to restructure the company,” the directors said. “Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business.”
SolarZero has received significant backing from government-owned New Zealand Green Investment Finance, which has a NZ$365 million ($213 million) fund available to solar providers. That fund includes a NZ$145 million contribution from the government and debt from First Sentier Investors, Natixis Investment Managers and Societe Generale.
Earlier this year, SolarZero said it was able to raise NZ$195m of debt by taking advantage of the NZGIF solar finance program.
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