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VIElectron Sues Highcrest Over Alleged Financial Coercion in Solar Farm Deal

VIElectron is suing one of its lenders, a company called Highcrest, for what they claim was an unfair last minute requirement imposed at a critical moment, for the sole purpose of enriching Highcrest at VIElectron's expense. VIElectron undertook two solar farm projects in Estates Petronella and Hogensborg which are now complete, with the Petronella farm already providing power to the grid, and the Hogensborg project undergoing testing work following its interconnection to the grid. In the civil complaint, filed on Tuesday, VIElectron outlined the financing arrangements backing the projects. In addition to self-financing to the tune of tens of millions of dollars, the company also sought third-party financing, turning to “unconventional lender” Savent. Savent, the lawsuit explains, functions as somewhat of a clearing house for loans. “Investors are registered Savent users who may review loan listings and may choose to invest in a loan listing corresponding to a borrower's loan,” the c...