Grasshopper Solar
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00752340-00CL
- Industry
- Energy · Power & utilities
Grasshopper Solar has been in court-appointed receivership in the Ontario Superior Court of Justice since September 23, 2025, with Alvarez & Marsal Canada Inc. acting as receiver and manager on the application of Deutsche Bank Trust Company Americas, Deutsche Bank AG, Canada Branch and The Bank of Nova Scotia, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Estimated book value assets of the borrowers stood at $175,277,003 at June 30, 2025, against total liabilities of $206,965,228 across the debtors. Deutsche Bank Trust Company Americas, as collateral agent for the lenders, is owed $148,245,878 under a general security agreement dated March 19, 2018. The largest unsecured items are related party debt of $16,571,439 and a related party payable of $6,683,003 to Cleave Energy Holdings Ltd.
The court granted a reverse vesting order in favour of Skyline Clean Energy Limited Partnership.
The court granted an approval and vesting order for the sale to St. Regis Solar Power Corporation. Closing terms, as extracted: vesting occurs upon delivery of Receiver's Certificate; Buyer to pay Cure Costs within 10 Business Days of Closing.
Source: Approval and Vesting Order
Receivership order made Tuesday, August 18, 2026 on the application of Deutsche Bank Trust Company Americas, Deutsche Bank AG, Canada Branch and The Bank of Nova Scotia.
Motion Record (Amended and Restated Receivership Order) — Application / notice of application
The court approved a sale and investment solicitation process. A bid deadline of 2026-04-30.
Source: Sale Process Approval Order
The court appointed Alvarez & Marsal Canada Inc. as receiver and manager, on the application of Deutsche Bank Trust Company Americas, Deutsche Bank AG, Canada Branch, and The Bank of Nova Scotia. Court file CV-25-00752340-00CL.
Source: Order (Appointing Receiver)
The court appointed Alvarez & Marsal Canada Inc. as receiver and manager, on the application of Deutsche Bank Trust Company Americas, Deutsche Bank AG, Canada Branch, and The Bank of Nova Scotia. Court file CV-25-00752340-00CL.
Source: Amended Receivership Order
Outcome brief
Grasshopper Solar: 132 projects by vesting order, 3,200 by reverse vesting
On August 18, 2026, Koehnen J. approved the sale of Grasshopper's Ontario solar portfolio to two Skyline affiliates — the 132 commercial projects to St. Regis Solar Power Corporation as assets, once the receivership had been stretched over 49 more entities, and some 3,200 residential projects to Skyline Clean Energy Limited Partnership by reverse vesting order — leaving lenders owed $159,686,419.93 with what the judge called eight-digit losses; both deals closed on September 10.
Debtor
Grasshopper Solar
Applicant
Deutsche Bank Trust Company Americas,Deutsche Bank AG Canada Branch,Bank of Nova Scotia
Receiver
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Koehnen | Ontario Superior Court of Justice | 4 orders, Sep 2025 – Aug 2026 | 83 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 3 orders, Sep 2025 – Oct 2025 | 132 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Sep 2025 – Feb 2026 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlvarez & Marsal | Goodmans LLP | 23 Sep 2025 | Order · 23 Sep 2025 |
| ApplicantDeutsche Bank Trust Company Americas,Deutsche Bank AG Canada Branch,Bank of Nova Scotia | Torys LLP | 24 Aug 2026 | Service list · 24 Aug 2026 |
| DebtorGrasshopper Solar | Reconstruct LLP | 24 Aug 2026 | Service list · 24 Aug 2026 |
| CreditorRyde Community Co-Operative | Morris Cooper, Barrister | 24 Aug 2026 | Service list · 24 Aug 2026 |
| CreditorSkyline Clean Energy Limited Partnership and St | McCarthy Tétrault LLP | 24 Aug 2026 | Service list · 24 Aug 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Deutsche Bank Trust Company Americas (Agent), Deutsche Bank AG Canada Branch, and The Bank of Nova Scotia (Lenders)First-ranking security interest in all or substantially all assets and property of the Grasshopper Entities; PPSA registrations against all Grasshopper Entities; leasehold charges registered in Ontario Land Registry Offices for the 132 C&I Portfolio projects; Limited Recourse Guarantee and Pledge Agreements with Third-Party Project Co-Owners pledging equity interests — Aggregate outstanding Indebtedness owing to the Lenders, exclusive of fees, expenses and costs, as stated in the Notice of Motion — debtor: Grasshopper Entities (Original Debtors and Non-Debtor Obligors) · as of 1 Jul 2026 | $160M USD | Motion Record (AVO and ARVO) |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
58 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans3 transactions · 2 closed · 1 proposed — Transaction approved and vesting authorizedApproval and Reverse Vesting Order · 18 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| St. Regis Power Corporationsubstantially all of the Grasshopper Business and Property · asset sale · agreement 24 Jul 2026 | not stated | Proposed | Supplement to the Second Report of the Receiver |
| Skyline Clean Energy Limited Partnershipall right, title and interest of the Sellers in and to all of the issued and outstanding ... the Purchased Equity Interests · share sale · nominee/assignee: such other Person(s) as the Buyer may designate in accordance with the Equity Purchase Agreement · ResidualCo: GSC Solar Leasing GP Inc. / GSC Solar Leasing II GP Inc. · agreement 24 Jul 2026 | not stated | Closed10 Sep 2026 | Receiver’s Certificate (Residential Transaction) |
| St. Regis Solar Power Corporationall right, title and interest of the Sellers in and to the Purchased Assets · asset sale · nominee/assignee: such other Person(s) as the Buyer may designate in accordance with the Asset Purchase Agreement · agreement 24 Jul 2026 | not stated | Closed10 Sep 2026 | Receiver’s Certificate (C&I Transaction) |
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Service List
| PDF · Subscribers | |
Endorsement of Justice Koehnen
| PDF · Subscribers | |
| Factum of the Applicants | PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
Motion Record (AVO and ARVO)
| PDF · Subscribers | |
Supplement to the Second Report of the Receiver
| PDF · Subscribers | |
| Motion Record (Amended and Restated Receivership Order) | PDF · Subscribers | |
| Second Report of the Receiver | PDF · Subscribers | |
Endorsement of Justice Black
| PDF · Subscribers | |
Endorsement of Justice Cavanagh
| PDF · Subscribers | |
Factum of the Receiver (Sale Process Approval Order)
| PDF · Subscribers | |
| Motion Record (Sale Process Approval Order) | PDF · Subscribers | |
| First Report of the Receiver | PDF · Subscribers | |
Aide Memoire of the Receiver
| PDF · Subscribers | |
Endorsement of Justice Dietrich
| PDF · Subscribers | |
Amended and Restated Receivership Order
| PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
| Notice to Creditors (Amended and Restated Receivership Order) | PDF · Subscribers | |
Order (Appointing Receiver)
| PDF · Subscribers | |
Receiver’s Certificate (C&I Transaction)
| PDF · Subscribers | |
Receiver’s Certificate (Residential Transaction)
| PDF · Subscribers | |
Sale Process Approval Order
| PDF · Subscribers | |
Amended Receivership Order
| PDF · Subscribers | |
| Application Record (Receivership Order) Vol. 1 | PDF · Subscribers | |
| Application Record (Receivership Order) Vol. 2 | PDF · Subscribers | |
| Application Record (Receivership Order) Vol. 3 | PDF · Subscribers | |
| Factum of the Applicants (Receivership Order) | PDF · Subscribers | |
| Pre-Filing Report of the Proposed Receiver | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Grasshopper Solar” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/grasshopper-solar