RWE Supply & Trading has made an equity investment in Conergy, one of the world's largest downstream solar companies.
The investment was made as part of a larger equity funding round led by Kawa Capital Management, which acquired Conergy in 2013, and builds on an existing leasing partnership signed by Conergy and RWE in 2014.
The deal means that RWE will own a minority stake in Conergy, which last year built a large-scale solar farm in Oxfordshire for RWE. It will enable Conergy to pursue its "aggressive global growth plans", said the firm in a statement.
"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," said Alexander Gorski, Chief Operating Officer of Conergy, which recently announced a profitable 2014 with nearly half a billion dollars in revenue.
"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," said Andrew de Pass, Chief Executive Officer of Conergy. "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."
Conergy commissioned the 37 MW Kencot solar farm in Oxfordshire in October 2014 and operated it on behalf of RWE before it was sold to Foresight Solar Fund. In July 2014 the two companies announced a solar leasing scheme designed to encourage growth in the commercial rooftop solar sector.
RWE markets solar systems of 50-200 kW in size while Conergy designs and builds the systems.
Sian Crampsie
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