Conergy to focus on Australian solar after buyout led by Goldman Sachs

The Singapore-based solar developer behind one of Australia’s first combined large-scale solar and lithium-ion battery storage projects, Conergy, has been bought out by a group of funds managed by Tennenbaum Capital Partners and Goldman Sachs BDC.

Conergy announced on Tuesday that the US-based funds had sealed the deal on Monday, acquiring Conergy Asia Pacific from its previous owner Kawa Solar Holdings for an undisclosed sum.

The sale marks the second time in four years that Congery has changed hands, with the parent company having been acquired by Kawa Capital Management in late 2013, after the original company filed for insolvency in Germany.

In March 2015, German utility giant RWE acquired a minority stake in Conergy – a move company executives described at the time as signifying confidence in its rapid growth.

Conergy has installed almost 2GW of solar capacity globally, including in Australia, where it is behind the world-leading Lakeland Solar and Battery Storage project, in Queensland. This sale appears to include only the Asia-Pacific and Hamburg operations.

As we reported in August 2016, the project, near Lakeland south of Cooktown, is combining 10.4MW of solar PV with 1.4MW/5.3MWh of lithium-ion battery storage, and was pitched as a world-first for remote, edge of grid technology, and one likely to trigger a host of similar projects across Australia.

It is thought to be ready to begin producing to the grid.

More recently, Conergy has teamed up with Queensland-based BMD Constructions to build a hybrid solar (1MW) and diesel power plant that will provide all of the energy needs of the Indigenous Nauiyu community on the Northern Territory’s Daly River.

Alexander Lenz, who is CEO at Conergy, said the new transaction would bring “tremendous value” to the business, and strengthen its already leading position in the Asia Pacific solar market.

“TCP’s and GSBD’s extensive experience and access to capital will strengthen Conergy’s financial position, enhance our capabilities, and allow us to pursue new business opportunities in the region and execute our plans for growth in Australia, the emerging markets of Southeast Asia and Japan,” Lenz said.

Conergy COO, Marc Lohoff, added that the investment reinforced Conergy’s competitive position as a premier solar downstream player in the Asia Pacific market, and further strengthened its long-term position as “a leader in solar project development/finance, construction and operations.”