Latham Solar Installer Envisions a Better Future Post-bankruptcy

by San Antonio Attorney

Solar installer company US Light Energy, appears to be resilient after filing for Chapter 11 bankruptcy protection last May.

The Latham based company bears the objective of achieving bankruptcy protection by 2016 and is now in the process of creating a 2-megawatt solar farm located in Berkshires.

This project will be completed within the second quarter of 2016 and will also file a reorganization plan in the U.S. Bankruptcy court in Albany.

The company commenced on job hiring and now has more than 20 full-time employees.

“We’re in growth mode,” said David Ellis, managing member, via an exclusive interview with the Times Union.

Ellis further added that there are a lot of opportunities right now.  Majority of these opportunities are in Massachusetts that possesses hefty incentives when it came to remote net metering projects.

US Light Energy also made a recent deployment of 600 kilowatts worth of solar projects in Massachusetts.

The firm also formed an alliance with M&T Bank in order to create a new solar project fund valued at $15 million.

Before the company filed for bankruptcy, Ellis had only been a major investor and did not have any management role at the firm.

Ellis replaced chief executive Alex Lieb after his resignation ensuing the period when the firm filed for bankruptcy.

Ellis stated that the root of the bankruptcy was related to an investment deal with Kyocera, a Japanese solar panel manufacturer.

This investment deal was intended to fund $38 million worth of solar projects.

However this investment plan became debilitating to US Light Energy.

US Light Energy is currently filing a lawsuit against Kyocera at a cost of $11.4 million as part of the bankruptcy process.

Ellis said that there was a “significant flaw” in the way it was structured.

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