The Directors of Lyon Group appointed administrators to Lyon Infrastructure Investments 1 Pty Ltd, Lyon Solar Pty Ltd and Lyon Battery Storage Pty Ltd in May 2019 in order to manage a disruptive minority shareholder and to allow Lyon Group to focus on its broader strategy.
The voluntary administration process was highly successful in stopping the disruption.
The statutory timeframe for the voluntary administration has expired and the status of the three entities in administration has now changed. However, the level of interest in the three advanced solar battery power station projects owned by those entities has not changed.
That interest was demonstrated by the announcement by Lyon Group and China Huadian of 14 October 2019, which included China Huadian’s intention to buy the three projects.
The interest shown by China Huadian and others in Lyon Group’s projects and design philosophy is independent of the processes required by Australia’s Corporations Law.
The Corporations Law works to statutory timelines, transactions with major global corporations don’t.
Meanwhile, Lyon Group has continued to expand consistent with its strategy. Lyon’s plan for its three advanced Australian projects to be a springboard for similar projects in other places facing the same power market challenges as Australia faces is coming to fruition.