Revealed: List of ZEN Energy creditors owed hundreds of millions of dollars
InDaily can reveal the companies hit by the billion-dollar collapse of Ross Garnaut’s ZEN Energy – alongside SA taxpayers.
Zen Energy’s more than $1 billion collapse has hit companies and taxpayers across the world, including the Australian Tax Office and South Australian government.
InDaily can today reveal a new list of companies jointly owed more than $340 million following the collapse of media identity and green economist Ross Garnaut’s ZEN Energy.
While the full list of creditors is yet to be released by liquidators McGrathNicol, minutes from the ZEN Energy second creditors meeting held in early August uncovered more of the damage list triggered by the renewable energy firm’s dramatic collapse.
One company – Global Loan Agency Services Specialist Activities, which specialises in debt administration services – claimed it was owed more than $100 million, while another company connected to it has claimed a further $11 million.
South Australian taxpayers are on the hook for around $10 million while SA Power Networks is owed $20 million.
But all Australian taxpayers would be hit by the downfall with the Australian Tax Office also listed as being a creditor. The ATO has not yet disclosed how much it is owed.
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Sydney-based investment firms Samuel Terry Asset Management and Income Asset Management claimed they were owed $15 million and $38 million respectively, while a superannuation fund called ATAL claimed it was owed $703,313.
The Singaporean arm of Geneva-based global commodities trading company Guvnor Group claimed it was owed $92 million.
Some of the biggest losses
| Entity | Claimed Amount |
|---|---|
| Global Loan Agency Services Specialist Activities | $104,147,562 |
| Guvnor Singapore | $92,996,259 |
| Tailem Bend II Project Company | $55,315,802 |
| Income Asset Management | $38,109,917 |
| LCI Funding Trust | $26,263,117 |
| Samuel Terry Asset Management | $15,000,000 |
| Global Loan Agency Services Australia Nominees | $11,189,151 |
| ATAL Superannuation Fund | $703,313 |
| TOTAL | $343,725,121 |
A number of creditors have not disclosed in the McGrathNilcol minutes the amount they claimed, but the document does confirm that SA Power Networks and the state government are officially creditors.
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The state government and SA Power Networks revealed their exposure to ZEN Energy earlier this month, with liquidators appointed in August in an attempt to claw back more than $1 billion owed to all creditors.
The state government is owed “close to $10 million”, Treasurer Tom Koutsantonis said earlier this month, while the privately-owned operator of SA Power Networks – the company responsible for the state’s extensive power infrastructure network – is owed more than $20 million.
But there is expected to be a huge shortfall for creditors. Administrators McGrathNicol have said in “a best-case scenario” they hoped to be able to claw back only $45 million from the business’ assets.
The SA Government had an Across Government Electricity Retail Agreement with ZEN Energy to supply 100 per cent renewable electricity to its operations that was worth an estimated $1.53 billion until 2035. It has since switched providers to AGL Energy in July.
Other creditors include the Victorian Essential Services Commission and the Australian Taxation Office.
The full list of creditors that have not disclosed how much money they are owned by ZEN:
- Essential Services Commission (Victoria)
- SA Power Networks (SAPN)
- Freepoint Commodities
- Templers BESS Project Co Pty Ltd
- Pacific Green Limestone Coast North Energy Park Pty Ltd
- Pacific Green Energy Park Cascade
- Pacific Green Energy Parks Australia
- Pacific Green Energy Parks Holdings Australia
- Hillston Sun Farm Operations
- Pacific Energy Trading (PET)
- Liberty Greenpower
- Molong Operations Co Pty Ltd
- South Australian Government
- Australian Taxation Office
InDaily exclusively revealed that on the company’s collapse in early July, the state government transitioned to AGL to supply electricity to SA government facilities and essential services.
InDaily also revealed that ZEN Energy appointed administrators on July 3, leading to 60 job losses. As priority creditors, administrators McGrathNicol previously estimated employees would have their $8 million in entitlements paid in full if the business was liquidated.
ZEN Energy recently appointed new chair Mark Butcher in May, following the resignation of co-founder and green economist Ross Garnaut from the role in February.
The company was a major supplier of renewable energy across SA, with solar farms in Tailem Bend and Renmark and had been loss-making for some time. Losses grew from $69 million in 2024 to $163 million in 2025. As of June 30, 2026, losses had skyrocketed to $322 million, the latest report reveals.
Preliminary McGrathNicol investigations found that the company became insolvent from at least February 27, 2026 – just over four months before administrators were appointed.
Administrators said company directors attributed the collapse to ZEN’s business model being exposed to “significant market risk through long-term and substantial positions in the energy market, with market conditions moving against these positions from FY24 to FY26”.
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