Topen obtained an emergency injunction from the courts to protect itself from creditors while it prepares a filing for... judicial recoveryThis measure allows the company a period to negotiate its debts before the formalization of the process.
According to information from Brazil JournalThe company informed the court that it is facing an acute liquidity shortage, attributed both to market conditions and to strategic decisions adopted by previous administrations.
Controlled by Pontal Energy, which manages the Denham Capital fund, Topen is one of the largest distributed generation (DG) groups in the country. Currently, the company has just over 700 MWp of installed capacity and serves clients such as RD Saúde, Smart Fit, and Correios (Brazilian postal service).
In documents submitted to the court, the company states that its financial situation is reversible, provided it can conduct an orderly and efficient renegotiation of its debts with its main creditors.
The preliminary injunction granted by the court will be valid for 60 days and will lose effect if the request for judicial reorganization is not filed within a period of up to 30 days.
Liquidity crisis
In court documents, Topen attributed the liquidity crisis to a combination of factors, including decisions made by previous administrations and changes in distributed generation (DG) market conditions.
Over the past 12 months, the company has expanded its portfolio through the acquisition of assets from various companies in the sector, including distributed generation solar plants and biogas investments from Matrix Energy, Copel, Raízen, and Vip Air.
According to the Brazil Journal, some of the acquired projects have not yet become operational or have not generated sufficient revenue to sustain the company's financial structure.
The company also points to the increased cost of debt due to the rise in the Selic rate and delays in connecting power plants by energy distributors as factors that have worsened the situation.
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