“Following an extensive investigation into the company’s financial position, governance records, financing arrangements and related transactions, we have concluded it is appropriate to commence proceedings,” she said.
If successful, any funds recovered would be allocated to stakeholders.
SolarZero was placed in voluntary liquidation in November 2024 after directors said “unsustainable operating losses and liquidity constraints” meant it could not continue trading.
At the time, the company had more than 160 employees and about 15,000 customers.
It had sold solar and battery systems through a no-upfront-cost, monthly “energy as a service” model.
The first liquidators’ report said most customer contracts and the associated assets had been transferred to special-purpose trusts controlled by the Public Trust, rather than sitting with the companies in liquidation.
The trusts continued operating and customers were not, in general, creditors of those companies.
The liquidators reported that a BlackRock-controlled fund bought SolarZero for $110m in 2022 and subsequently injected $147.8m.
The Government-owned New Zealand Green Investment Finance bank had made a $145m debt facility available, of which about $115m had been drawn down against installations at liquidation.
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