January 24, 2022
Saptashva Solar S.A., a Spanish corporation that is extra provincially registered in the Province of Ontario with offices in Madrid, Spain and Concord, Ontario, was placed in receivership on January 24, on application by 1199403 Ontario Inc., 1274442 Ontario Inc., and Gulu Thadani (collectively, the "Lenders"). The company owns and operates nine solar projects comprised of physical structures along with corresponding revenue generating Feed-in-Tariff Contracts granted by the Ontario Power Authority (now known as the Independent Electricity System Operator). The Lenders advanced two loans to the company in 2014 and 2015. The purpose of these loans was for the construction, reconstruction, and repair of solar projects that were damaged by a windstorm in respect of which the company required an advance on an insurance claim in order to ensure that the solar projects were made operational. Although the exact amount owing to the Lenders under the loans is in dispute, there was evidence before the Court that at least $400,000 plus interest was advanced and is owing. Ira Smith Trustee & Receiver was appointed receiver. Counsel is Stephen M. Turk for the Lenders and Morrison Law for the company.