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When a hard-pressed local authority in southern England was looking to boost its finances, it turned to a novel idea: leveraged bets worth hundreds of millions of pounds on solar energy.
The council's current funding gap is more than three times larger than its annual budget.
Tory-led Essex authority is on brink of bankruptcy and has appealed to government for emergency bailout
The funding gap is about three times Thurrock Council's annual budget.
Solar farm owner Toucan Energy Holdings has reportedly entered into administration with Thurrock Council having ran up debts of around £1.5 billion.