The investment comes as part of a larger equity funding round led by Kawa Capital Management and results in RWE owning a minority stake in Conergy. Kawa Capital Management, Inc., which acquired Conergy in 2013, maintains majority ownership in the Company. The additional capital will be used to support Conergy’s aggressive global growth plans.
Conergy recently announced a profitable 2014 with nearly half a billion dollars in revenue, in expanding its services providing project development, financing, engineering, procurement and engineering (EPC) and operations and maintenance (O&M) globally. Conergy provides these services across all solar segments: utility-scale, commercial and residential, and in both emerging and high-growth solar markets.
Andree Stracke, Member of the Board of RWE Supply & Trading, said: “Having worked with Conergy successfully in Europe, we are pleased to be supporting the group’s worldwide expansion.”
The investment follows the partnering between RWE and Conergy for commercial PV ‘solar rentals’ partnership which targets business customers of RWE Group, initially in Germany, and the finance, construction and sale of one of the UK’s biggest solar farms, at Kencot Hill in Oxfordshire.
Andrew de Pass, Chief Executive Officer of Conergy, said: “We are pleased to have RWE’s financial backing and endorsement of Conergy as one of the most strategic and fastest-growing downstream companies in solar. We look forward to using this capital to develop more projects with new and existing partners in the solar industry as our global pipeline approached 4 GW. With this important stamp of approval, it is clear that the turnaround of Conergy is complete and our growth trajectory is certain”
Alexander Gorski, Chief Operating Officer of Conergy, said: “We’ve had a very successful business relationship with RWE over the last two years and are pleased to build on that with this equity partnership.”
Conergy (conergy.co.uk) is one of the world’s largest downstream solar companies, specializing in the design, finance, build and operation of high performance solar systems for homes, businesses and utility-scale power. Founded in 1998, the company pioneered the expansion of solar power internationally, and today combines innovative technology, industry-leading engineering with access to capital. Headquartered in Hamburg, Germany, Conergy has a global sales network and established subsidiaries in 14 countries. The company is privately-held and majority-owned by Miami-based asset management firm Kawa Capital Management, Inc.
About RWE Supply & Trading
RWE Supply & Trading (rwe.com) is a leading European energy trading house and the interface between the RWE Group’s operating companies and global wholesale markets for energy and energy-related raw materials in both their physical and/or derivative forms. This includes power, gas, coal, freight, oil, weather derivatives, biomass, emissions certificates and renewable energies. They are responsible for the economic optimisation of power generation and the entire non-regulated gas business of the RWE Group, including all procurement, storage and LNG-related activities. Large industrial companies and trading partners are offered long-term delivery concepts by RWE Supply & Trading next to a trading-based portfolio management. The headquarter in Germany boast Europe’s largest energy trading floor, complementing our network of additional trading floors in London and Swindon, as well as the subsidiary, affiliate and branch offices in Den Bosch, Geneva, Prague, Singapore, New York, Mumbai and Jakarta.