FBI raids. Alleged Ponzi Schemes. It’s rare that this level of drama comes to the solar industry, but it does happen.
In a few weeks, the story of DC Solar, the North Bay company that was raided by the FBI last December, will come to an end with an auction at the company’s former headquarters in Benicia, California. More than 16,000 PV modules and roughly 2,000 inverters are waiting to be sold to the highest bidder, as part of an estimated $50 million in equipment that was the basis for the business of mobile solar generators.
This business has now passed the point of no return. In late January, DC Solar Solutions filed for bankruptcy under Chapter 11. This would allow it to voluntarily reorganize, and DC Solar’s parent company at the time was claiming $1-10 billion in assets and minimal liabilities. However, in March the case was converted to a Chapter 7 liquidation.
This follows testimony by an FBI agent as reported by Martinez News Gazette and other publications that the company was telling investors that it was leasing its systems, when in fact an absence of lease revenue was being covered up by money from other investors. The agent also testified that the company dramatically over-represented the volume of solar generators that it had actually manufactured.
pv magazine was not able to find any criminal charges against the couple that owned DC Solar Solutions by press time, however racing publication Kickin’ the Tires has noted that the case was pending in February.
Regardless, all of the assets of DC Solar now go on the auction block. Auction company GA Global Partners notes that most of what is for sale is new and in the box, and that all items are on palettes and ready to ship. Here is a partial list of what is for sale:
- Talesun & Renesola 250-275 watt PV modules (more than 16,000)
- SMA Sunny Island 6048 US-10 inverters (roughly 2,000)
- Midnite Classic MPPT-250 controllers
- Midnite Solar combiner boxes
- ChargePoint Dual EV Charging Stations
As well as all the cables, switches, routers and Romex that you could want.
GA Global Partners will be holding a “live hybrid auction” on June 12 & 13, with inspection on June 10-11, from 10 AM to 4 PM on 4901 Park Road in Benicia. Bids will only be accepted online, and bidders must pre-register.