New Energy Consultants, a Puerto Rico-based company founded in 2007 dedicated to the design, installation, sale, financing and purchase agreements of solar systems for residential, commercial and industrial customers, has filed for Chapter 11 bankruptcy protection, citing more than $9.8 million in debt.
According to the filing, the extensive list of creditors includes several major energy systems providers, such as: Maximo Solar Industries, which is owed $1.8 million; Tabuchi Electric, owed more than $1.1 million; Sunnova Energy, which is owed $967,273; Warren del Caribe, with $885,885; and Tesla, which is owed $281,025.
New Energy has been a part of the island’s renewable energy market through service contracts with third-party equipment suppliers to “support in the assembly of energy efficient structures and technical guidance for future needs,” it stated on its website.
Those suppliers include SunRun and Maximo Solar, owned by solar industry executive Maximo Torres. Torres holds shares in MSI LLC, which purchased New Energy in February, according to a source close to the company.
The last results the company made public were those achieved in 2014, when it reported $7 million in revenue and 380 projects, representing a 230% increase in sales versus 2013, according to its website.
Chapter 11 bankruptcy will allow New Energy to reorganize its finances while continuing to operate the business.
Yolanda González, New Energy’s Chief Financial Officer/Chief Restructuring Officer, said the company will be submitting its reorganization plan to the U.S. Bankruptcy Court on or before the 120-day period granted.
She confirmed the plan is to emerge from Chapter 11 in a stronger financial position to continue operating. In the meantime, New Energy will honor is commitments with employees — of which it has about 30 — and clients.
In all, New Energy has installed more than 3,000 residential and commercial solar projects islandwide.