A green dream to grow farm produce with renewable energy
in greenhouses has collapsed.
Supporters, workers, bankers have been left with $10 million of debts.
Melbourne's HeraldSun reports:AN agricultural business that promised to develop the nation’s biggest glasshouse powered only by renewables at Stawell collapsed owing employees more than $450,000.
Nectar Farms, whose ambitious plans were heralded as a “shining example” of how green energy could generate rural jobs, also went bust owing the nation’s renewable energy agency more than $800,000.
The details are contained in early reports from administrators lodged with the corporate regulator.
Nectar Farms had promised to invest around $565m to develop a 40hectare glasshouse using hydroponic technology to grow vegetables at Stawell, as well as a wind farm and battery for storage.
The business collapsed in March after its key financial backer, Melbourne-based green energy investor 5 Pillars, pulled its support.
It is owed $2.25m.
The group of companies that made up Nectar Farms owe unrelated creditors about $6m, early reports from receivers and liquidators show.
Among the largest creditors listed is the Australian Renewable Energy Agency, which loaned the business $814,839.
A company called Nectar Farms Management also owes five employees $451,027 in wages and entitlements.
Nectar Farm’s mooted development at Stawell was hailed as a “shining example of the revitalising potential of clean energy for regional Australia” by the nation’s peak renewables lobby group, the Clean Energy Council.
Northern Grampians Shire mayor Murray Emerson said the project’s collapse was a bitter disappointment. “The bottom line seems to be they just could not finance it,” he said.
