Another listed contracting firm has fallen victim to rising solar farm project costs, with Tempo Services shares suspended from trade and the two most senior executives quitting in the last few weeks.
Renew Economy is reporting the suspension of Tempo and the executive exodus follows problems at the 27MW Cohuna solar farm in Victoria, which only started construction two weeks ago. It is believed to be the first major solar project contract landed by Tempo since a shift into renewables just over a year ago.
Details of what went wrong with the $15 million solar contract have not been made available. But, by an extraordinary coincidence, Tempo has hired the former CEO of RCR Tomlinson, Paul Dalgleish,to help sort out its problems.
RCR went bust and had to be liquidated following a cost blowout at two Queensland solar farms – known as Project Gretel – and delays and cost over-runs at many other projects.