A solar energy project developer linked to Thames Water is to be liquidated and its staff made redundant as the crisis engulfing the debt-laden water supplier puts strain on its complex corporate structure.
Trinzic Operations Ltd, which is ultimately owned by Thames’s parent company Kemble Water Holdings, is to be voluntarily shut down, the Guardian can reveal.
Sources said Trinzic, which is based in London, is subject to a members’ voluntary liquidation – when a solvent company is shut down – and Kemble is attempting to recoup more than £25m from the business.
A filing with the Insolvency Service shows that 37 employees will be made redundant at the company, which was set up to develop floating solar projects on Thames sites to boost the company’s renewable energy generation. The job losses start at the end of the month. Some employees may be given roles at Thames.
It is understood Thames told Trinzic it did not plan to…
