Queensland-based Ingenero appears on the path to bankruptcy, after being placed in administration late last week. Official documents show that the move has occurred after it was unable to pay a U.S. creditor.
Having lead the way in a number of major and innovative PV projects in many parts of Australia, Ingenero was seen as somewhat of a leading light of the PV industry Down Under. Reports from renewable energy site RenewEconomy today, show that the company has been placed in administration.
Ingenero had previously thrived through serving the booming Queensland PV market, developing innovative island projects and also through a solar leasing service. But it appears the company was not able to sustain its trajectory, in the face of regulatory uncertainty.
RenewEconomy reports that Trina Solar looks set to be a big loser, holding 4.6 million preference shares in the company.
In a worrying sign, Ingenero was one of the partners involved in a PV-plus-storage project being developed for miner Rio Tinto. The project was being supported by a grant from the Australian Renewable Energy Agency. Many in the Australian PV industry had hoped that mining applications would provide a strong growth area for solar. Ingenero’s collapse could potentially undermine this.
RenewEconomy reports that the insolvency could augur badly for other Australian PV developers. Some industry observers report that uncertainty about the Renewable Energy Target and what changes to it could mean for current subsidies for sub 100kW installations is depressing the small-scale sector – currently the lifeblood of the Australian PV industry.