Heat-Tricity LLP (OC382784): administration
- Status
- Administration ended
- Administration began
- 2014-05-20
- Administrators
- Simon Harris, Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 2013-02-22
- Location
- London
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Property / lease costs
- Regulatory change or action
From the administrators' statement
The LLP was incorporated on 22 February 2013 and operated from leased premises in Bodmin, Cornwall, which are shared with E-Tnity Ltd (E-Tricity), a related entity
The LLP was formed for the purpose of buying, installing and leasing to customers industrial, 99KW to 999KW, wood pellet boilers in a range of commercial properties In return for this, the Government-funded Renewable Heat Incentwve (RH!) was applied for online and paid to the LLP The RHI payments are made over a 20 year period by Ofgem and increase at rates governed by the Retail Price Index The quantum of each RH! payment is determined by a meter reading taken on a quarterly basis
The LLP borrowed money from the secured creditor, GCP RHI Boiler 2 Limited (GCP), with whom it entered into a facility agreement on 3 April 2013, in order to purchase the purpose built boilers from Hoval Limited (Hoval) GCP originally provided the LLP an amount of £11m, which was held tn a secure bank account with the first interest payment due on 20 April 2014
Administrators' statement of proposals (2014-07-22) · Companies House register