This statement is issued in response to a number of rumours and accusations against the company in the past few months, and personal attacks on our staff through social media and in-person interactions.
We feel that in order to protect our staff and our integrity, we need to address this situation head-on.
Ethical Power is one of the leading renewable energy service providers in the UK, and delivers asset management, EPC, grid connections and other services to major companies within the energy industry.
Our teams connect significant volumes of generation and storage assets to the grid. With the support of the strong supply chain partners, we persevere through the challenging conditions, weather events, protected animals appearing on sites, grid delays and other events that can and do often happen during large-scale and long-term construction projects.
This year alone, we’ve completed 20+ projects for our clients. Unfortunately, there is still a lot of value tied up in these. To be specific, £28m owed to us in milestone payments, despite these projects being energised and generating or storing power and securing revenue for the project owners. This disruption from tied up value ripples through the entire supply chain.
Notwithstanding the absence of these incoming payments, we have acted in good faith and used available resources to fund the payments to our supply chain and minimise the disruption as best we could. We have also renegotiated contracts to secure direct payments from our clients to suppliers, where possible, to expedite payments.
We’re therefore seeing positive engagement with some of our clients and are pleased to see renewed momentum on issues that were stuck in a deadlock. Our teams will continue to work tirelessly to cut through the red tape and secure the final milestone payments so that we can pay all creditors as soon as possible.
We are incredibly grateful to our supply chain partners who have supported us through these difficult months. Our priority remains on normalising payments and returning to efficient day-to-day operations as we complete the current projects and handover to clients. This will be eased and sped up by the release of tied-up value to enable us to get back to a normal position.
Our work doesn’t stop here. We believe in the meaning of sustainability that goes beyond the environmental benefits of the projects we build, and extends to partnerships in the delivery, support to our country’s economy and support to the communities.
The industry has changed a lot since we started – we now operate in very different conditions, but we will not allow this to impact our values and what we stand for.
We look forward to our continued work together in the New Year with great optimism. We are currently mobilising on new projects and signing new contracts on improved terms, with our pipeline showing no signs of slowing down.