Conergy Snaps Up Wirsol In The UK
Conergy has announced that it has acquired Wirsol Solar UK Ltd. for an undisclosed sum. The deal includes a solar farm portfolio totaling around 100 megawatts (MW) in the United Kingdom as well as all employees. 50 MW of the portfolio are ready to be built and the first projects are already under construction. Solar plants with another 50 MW are in the development phase. These are expected to be ready to be built in the course of the year.
The move means that Conergy, which was bought by Miami-based Kawa Capital Management in October last year, has significantly expanded in the UK, one of the world's fastest-growing markets for solar. In November 2013, Conergy sold a 90 MW solar farm portfolio that the company had developed together with a local partner to an investor. At the same time, Conergy secured exclusive construction rights for the entire portfolio, meaning that it has more than doubled its project pipeline with the acquisition of Wirsol Solar UK, based in Pulborough, West Sussex, around 80 kilometres south of London. In addition to its growing project pipeline, Conergy also strengthens its UK team, adding the highly skilled employees at Wirsol.
"The United Kingdom is one of the most exciting growth markets for Conergy, especially for the development and the construction of turnkey PV plants. We have a leading position in this market with our project pipeline including solar farms totaling around 200 MW", said Alexander Gorski, COO and CEO Europe of the new Conergy holding company. "Together with Kawa Capital Management as our owner, we aim to build our core businesses organically and through acquisitions."
The new ownership structure with Kawa enables Conergy to grow and expand dynamically on a global scale as well as to extend the company's offerings to include financing. "In addition to our build expertise, we plan to further strengthen our activities in the project development and financing", said Gorski. "After the growth markets in Asia and North America, we are in a position to successfully implement this strategy also in Europe with the target to further expand such investments."
