The collapse of solar-power developer GoldenPeaks Capital followed a number of seemingly "fraudulent" transactions between some entities, according to a court-appointed administrator overseeing the group's key Polish subsidiary.

The administrator's findings suggest that debt-fueled growth strategies may have masked irregular financial practices within the renewable energy firm. Investigators are examining intercompany dealings that allegedly inflated asset values and obscured liabilities across the corporate structure.

GoldenPeaks Capital, once a rising player in European solar development, filed for insolvency after lenders raised concerns about financial reporting discrepancies. The court-appointed administrator has identified multiple transactions that appear designed to mislead creditors and regulators about the company's true financial health.

Polish authorities are coordinating with international regulators to trace fund flows through the subsidiary network. The case highlights growing scrutiny of renewable energy finance models that rely heavily on complex debt instruments and cross-border entity structures.