Conergy UK And Ireland Saved By Buyout
Conergy UK & Ireland, a subsidiary of German-headquartered solar multinational Conergy AG, announced that it expects to be acquired by Florida-based asset manager Kawa Capital Management, alongside the parent company's German, Italian and Australian business units, on 1 October 2013. The sale of the British company will guarantee dozens of jobs across its UK supply chain, and help secure orders and projects for investors, developers and distributors across the British Isles.
Conergy UK & Ireland provides high quality technology and build expertise to the expanding solar sector. Landmark projects include the UK's first large solar farm in Nottinghamshire and a wave-shaped rooftop installation at the headquarters of the Nationwide Building Society in Swindon. The company has been trading as normal despite the difficult situation of its parent Conergy AG.
On 29 August Kawa Capital Management, Inc. acquired Conergy AG's sales units in Canada, United States, Singapore and Thailand in the first phase of sales of Conergy AG's subsidiaries. Today Conergy AG announced its creditor committee and the banks have both indicated their approval for the second-phase sale of four business units, including the UK & Ireland subsidiary, for an undisclosed sum.
Robert Goss, Managing Director, Conergy UK & Ireland, and a member of the UK government's Solar Strategy Taskforce, said: "We're absolutely thrilled to have Kawa as our new owner. This is a vote of confidence not only in our service and technical capability, but a vote of confidence in British solar, the sixth biggest market worldwide in 2013. Our customers and partners have been very patient and we're grateful for their support. We look forward to continuing to deliver the bankable technology and build expertise that they have come to rely on."
Andrew de Pass, Partner, Kawa Capital Management, said: "We are breaking new ground and expanding our asset management business to include the fast-growing solar asset class. With our Conergy experts, we can guarantee our customers secure investments "“ in the right projects, in the right quality of both systems and services, at the right conditions and attractive return-on-investment."
Conergy UK & Ireland is set to present its updated offer to the British industry at the Solar UK conference on 8-10 October. This will include continued support of the wholesale and distribution markets, and leveraging the company's build experience in large projects, from challenging roofs to landfill sites, from multi-site residential to solar farms, on both brownfield and low grade agricultural land.
