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Taxpayer on the hook for millions as solar company faces administration

Taxpayers are facing a potential multimillion-pound blow as a leading British solar energy developer risks the threat of administration.

Hive Energy is preparing to appoint administrators just months after securing a £60m taxpayer-backed loan from HSBC to launch itself as a global operation.

The loan was announced by the UK Government last November at the UN’s COP30 climate conference to show how the UK was supporting the global expansion of solar. The loan guarantee was personally endorsed by Tim Reid, the chief executive of UK Export Finance Agency (UKEF), who said he was “proud” to support Hive.