Hive Energy, which develops renewable projects worldwide (including over 200 globally), recently secured a £60 million loan backed by the UK government through UK Export Finance (UKEF) and provided via HSBC. This was intended to support its expansion into international markets like Europe, North America, South America, Africa, and the Caribbean.

However, just months later (in early 2026), the company issued a notice of intention to appoint administrators, signaling severe financial distress. This is linked to creditor pressures, particularly involving its subsidiary Ethical Power. If administration proceeds and the loan isn’t repaid, UK taxpayers could be liable for a significant portion—or potentially all—of the £60 million, as the government’s guarantee would kick in.

The situation has sparked criticism about the due diligence process by UKEF, especially since Hive reportedly posted a £29 million operating loss in 2024.

This fits a broader pattern of scrutiny over taxpayer-funded support for renewable firms that later struggle, though Hive’s case is specific to this recent UK development.

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Taxpayer on the hook for millions as solar company faces administration

Hive Energy won £60m state-backed loan last year to launch itself as a global operation

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

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.

It is the second such loan offered to Hive Energy, following a similar guarantee for a £19m loan from Santander taken out in 2024.

This week Hive issued a “notice of intention to appoint administrators” with law firm DLA Piper as its legal advisors. The move suggests the company – which has 200 renewables projects in its global pipeline, 15 of which are in the UK – is at risk of collapse.

It also raises the threat that taxpayers could be on the hook for loan repayments, and questions about the quality of UKEF’s vetting of Hive before approving the latest loan.

When asked by The Telegraph if taxpayer money was at risk, the UKEF and Mr Reid declined to comment.

HSBC and Santander banks also both declined to comment.

Hive Energy, which was founded by city entrepreneur and ocean racing yachtsman Giles Redpath, confirmed that it was suffering problems with creditors linked to its subsidiary Ethical Power, which constructs and operates solar and other renewables sites across the UK, Spain, Italy, Greece and New Zealand.

A spokesman said: “This process does not mean that the business has entered administration or that it will enter administration but rather provides time and stability to explore strategic options in an orderly manner.

Read the full story here.

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This case highlights broader risks in taxpayer-supported green energy initiatives, similar to past scrutiny of projects like the failed Britishvolt battery factory.

No further updates on resolution or taxpayer impact have emerged in the last few days, but the situation remains fluid.

As of the latest reports (around February 22-23, 2026), Hive Energy hasn’t actually entered full administration yet. They filed a “notice of intention to appoint administrators” (a protective step under UK law that typically buys 10 business days or so to restructure or find buyers/investors).

The company continues trading normally under its existing board, with a spokesperson emphasizing it’s a “longstanding and fundamentally strong business” exploring strategic options in an orderly way—no shutdown or cessation of operations.

That said, the £60m UKEF-backed loan remains a big taxpayer exposure point if things go south, especially given the 2024 £29m loss and creditor pressures (tied partly to the recent Ethical Power stake).

Coverage from outlets like The Telegraph, Express, and blogs hasn’t shown major new developments in the past few days—no confirmation of actual administration or resolution.