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A Delaware bankruptcy court judge yesterday approved the $50 million sale of the residential solar installer to private equity firm Northern Pacific Group.
Sungevity’s sudden and startling fall from grace came to a quiet end yesterday after a Delaware bankruptcy court approved the sale of its assets to Northern Pacific Group for $50 million. The bankruptcy court's approval of Sungevity's assets to Northern Pacific Group brings to an end a rough quarter for the formerly Top 4 residential solar installation firm.
On March 9, reports emerged that the company had laid off 400 employees in its Missouri and California offices, with rubber paychecks hitting the bank accounts of its employees. Four days later, the company declared bankruptcy and, in what certainly felt like the final death blow, former employees sued the company
https://pv-magazine-usa.com/2017/04...tcy-ends-with-court-approved-50-million-sale/
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Surprised solar customers find themselves with liens
A SORRY PURCHASE: SolarCity panels cover the roof of Jeff Leeds’ home. The panels have been nothing but trouble, he says.
Jeff Leeds says installing SolarCity’s panels on the roof of his home in the Northern California city of El Granada was the sorriest day of his life.
Agreeing to the company’s 20-year lease was like partnering with the devil, he claims. He says he has endured skyrocketing electric bills, installation of an inferior system and contract violations because SolarCity refuses to clean the panels or to provide a payment for his system’s poor performance.
The latest surprise: a notice from his bank telling him that SolarCity had placed a lien on his home, and that his equity line of credit application could not proceed until the lien was removed.
SolarCity say it’s not a lien, but a “fixture filing” that stakes the company’s claim to the panels, which it owns if consumers have taken part in its popular lease program. Owning the solar electricity-generating system allows SolarCity to claim lucrative state and federal subsidies available only to system owners. SolarCity has received approximately $500 million in tax subsidies and grants over the years.
http://watchdog.org/212170/surprise-solar-liens/
Sungevity’s sudden and startling fall from grace came to a quiet end yesterday after a Delaware bankruptcy court approved the sale of its assets to Northern Pacific Group for $50 million. The bankruptcy court's approval of Sungevity's assets to Northern Pacific Group brings to an end a rough quarter for the formerly Top 4 residential solar installation firm.
On March 9, reports emerged that the company had laid off 400 employees in its Missouri and California offices, with rubber paychecks hitting the bank accounts of its employees. Four days later, the company declared bankruptcy and, in what certainly felt like the final death blow, former employees sued the company
https://pv-magazine-usa.com/2017/04...tcy-ends-with-court-approved-50-million-sale/
-----------------
Surprised solar customers find themselves with liens
A SORRY PURCHASE: SolarCity panels cover the roof of Jeff Leeds’ home. The panels have been nothing but trouble, he says.
Jeff Leeds says installing SolarCity’s panels on the roof of his home in the Northern California city of El Granada was the sorriest day of his life.
Agreeing to the company’s 20-year lease was like partnering with the devil, he claims. He says he has endured skyrocketing electric bills, installation of an inferior system and contract violations because SolarCity refuses to clean the panels or to provide a payment for his system’s poor performance.
The latest surprise: a notice from his bank telling him that SolarCity had placed a lien on his home, and that his equity line of credit application could not proceed until the lien was removed.
SolarCity say it’s not a lien, but a “fixture filing” that stakes the company’s claim to the panels, which it owns if consumers have taken part in its popular lease program. Owning the solar electricity-generating system allows SolarCity to claim lucrative state and federal subsidies available only to system owners. SolarCity has received approximately $500 million in tax subsidies and grants over the years.
http://watchdog.org/212170/surprise-solar-liens/