GoldenPeaks, a Malta-headquartered solar-power developer that borrowed $1.6 billion for European projects, is facing collapse and has filed for Chapter 11 bankruptcy in the US. Creditors are scrutinizing the flow of money, especially the relationship between GoldenPeaks and its Polish subsidiary, Spectris. Financial advisors revealed that GoldenPeaks' cash reserves "evaporated" within weeks, leaving entities with only $1.1 million at the time of bankruptcy.
Key lenders include Brookfield, which provided approximately $280 million, and Berenberg funds, which lent about $130 million. NordLB, a German state-backed bank, also lent 109 million euros in 2024. Most of GoldenPeaks' operating companies filed for bankruptcy in the US in May, halting expansion efforts in Poland and Hungary.
The controversy centers on Spectris, which was identified as carrying out much of the engineering, procurement, and construction (EPC) work, a role typically assigned to China National Building Materials Group in official documents. Spectris also lent GoldenPeaks approximately 164 million euros, including 100 million euros in 2025. Spectris itself collapsed into Polish insolvency, and a Polish court is now considering invalidating these loans, arguing they were detrimental to Spectris' creditors. Spectris was paradoxically appointed to a six-member committee representing unsecured creditors in GoldenPeaks' Chapter 11 proceedings.
Brookfield Asset Management Ltd. has agreed to provide a bankruptcy loan of more than $250 million and was approved as the lead bidder and lender for GoldenPeaks' Polish assets by a US Bankruptcy Judge. However, Joh. Berenberg, Gossler & Co. KG has objected to the bankruptcy filing and Brookfield's new loan, accusing Brookfield of trying to "jump ahead of structurally senior creditors" and unfairly influencing the auction process.
