Conergy Secures $60 Million Bank Guarantee For 400MW Expansion
Kawa Solar Holdings, Ltd. (the "Conergy Group has announced the closing of a $60 million bank guarantee facility for the company's rapidly growing solar projects business.
Arranged by Deutsche Bank and financed by Tennenbaum Capital Partners, LLC, the facility strengthens financial support across Conergy's power plants value chain: from project development, through the Engineering, Procurement and Construction (EPC) of new plants, to the Operations and Maintenance (O&M) of completed plants. To date, Conergy's EPC business has been responsible for solar power plants totaling 650MWp worldwide, and the O&M business for the management of 300MWp of assets for 200 customers.
Backed by majority shareholder Kawa Capital Management, Inc., Conergy's projects business expanded rapidly in the first half of 2014, with approximately three times as many plants under development, construction or management than in the same period of 2013. The new bank guarantees will enable the company to accelerate its participation in high growth markets, expanding project capacity supported by bank guarantees by up to 400 MWp.
Alexander Gorski, Global COO, Conergy Group, said: "Conergy has a long track record of delivering high performance solar systems. Backed by strong equity investors, we have generated exceptional growth in utility-scale projects this year. This new financing will enable us to rapidly scale up our global projects business."
Andrew de Pass, Member of the Board of the Conergy Group, said: "The support of Deutsche Bank and Tennenbaum Capital Partners positions Conergy to execute its global growth plan in solar power projects, and confirms Conergy as one of the strongest downstream companies in solar with a truly global footprint."
Timothy Gravely, Managing Director of Tennenbaum Capital Partners, said: "Conergy has a proven solar business and we are pleased to provide growth capital to support their expansion around the world. We have deep expertise in the energy technology sector and we are pleased to leverage that on behalf of Conergy."
