May 9 (Renewable Now) - Australia’s Lyon Group, a solar and energy storage project developer, has appointed administrators to one of its entities in order to facilitate a recapitalisation.
The group said Monday that Lyon Infrastructure Investments 1 Pty Ltd and its two units, Lyon Solar Pty Ltd and Lyon Battery Storage Pty Ltd, had been placed in voluntary administration.
Richard Hughes and David Orr of multinational auditing firm Deloitte, have been appointed to take control of the companies’ affairs. The move will open the door for the Lyon Group to develop tranche 1 fully integrated large dispatchable solar peaker projects and bring them to financial close, it said.
Other companies within the Lyon Group have not been affected.