Creditors owed more than $200 million by a renewable energy retailer backed by former Rudd government climate adviser Ross Garnaut will be lucky to get 10¢ on the dollar, with most likely to receive nothing at all.
Zen Energy’s administrator, McGrathNicol, told creditors the business had failed because its business model – buying renewable energy from wind, solar and battery projects on long-term contracts and selling it to large electricity users – had come unstuck amid volatile power markets.
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