Clean Energy Collective files for Chapter 11 bankruptcy after selling off assets

LOUISVILLE — Clean Energy Collective LLC has filed for Chapter 11 bankruptcy, months after it declared bankruptcy on some of its subsidiaries to clear the way for sale to utility giant Consolidated Edison Inc. (NYSE: CE).

The Louisville maker of household and community solar projects said it had $1.87 million in assets against just less than $40 million in debts, according to filings with U.S. Bankruptcy Court for the District of Colorado this week. Approximately $33.13 million of those debts are secured by property.

CEC initially filed Chapter 11 bankruptcy in June for its subsidiaries in charge of real estate and construction to ConEd. The plans to clear some debts from those CEC subsidiaries were approved that month, according to court records.

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The solar firm’s revenues see-sawed in recent years, according to its corporate disclosures. It made $37.59 million in sales in 2018 and $139.1 million in 2019, but sales so far in 2020 plummeted to just $3.5 million for a 97% decrease as of July.

The pandemic has been particularly difficult for solar companies as consumer confidence in staying in their homes long-term cut into new installation orders. In May, the Solar Energy Industries Association estimated that a third of Colorado solar workers would lose their jobs due to the pandemic.

The company’s phone line has been disconnected, and the company’s listed attorney David Wadsworth did not respond to requests for comment Thursday afternoon and Friday.