The sugar milling cooperative’s green energy project has been placed in receivership.
The co-generation plants at Broadwater and Condong were designed to turn waste into electricity.
But the banks lost patience as the plants lost $8-million in two years.
“We’re hopeful that we can work our way through it and whoever buys it we can work with them and the business will continue.”
Some of the blame is being laid on the federal government’s solar credits scheme which pushed the price of renewable energy certificates below $30.
The financial viability of the plants was based on a $70 certificate.
“While they have changed the scheme they didn’t change it enough because these certificates will be in the system for about 18 months and we can’t wait 18 months.”
