New York (HedgeCo.Net) – Platinum Partners, an affiliate of NY hedge fund manager Platinum Management has been accused of fraud by Hartz Solar Hamilton LLC., According to new Jersey website NorthJersey.com.
Hartz filed suit in U.S. District Court (Newark), saying that the hedge fund affiliate reneged on a pledge to buy energy credits (Solar Renewable Energy Credits or SRECs) from the company’s South Jersey solar project at a cost of $230,000.
“This announcement resulted in a dramatic drop in SREC prices,” the suit alleges.
“A SREC is a credit created to reflect the generation of a megawatt of solar energy. SRECs are traded by power companies and others required to generate a certain proportion of their energy from sustainable sources, and who are allowed to buy SRECs in place of actually creating the energy to help fulfill their sustainable energy requirement.”
Hartz accuses Platinum Partners of breach of contract, fraud and unjust enrichment, and seeks compensation and damages.
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