Kawa finalizes acquisition of remaining Conergy sales and service units

Conergy will continue a focus on rooftop PV in European markets, including self-consumption plants
Conergy will continue a focus on rooftop PV in European markets, including self-consumption plants

Kawa Capital Management Inc. (Miami, Florida, U.S.) has closed on its acquisition of the remaining sales and service units of Conergy AG (Hamburg, Germany). This includes Conergy Deutschland GmbH and Conergy Services GmbH, as well as subsidiaries in Great Britain, Italy and Australia.

Sales entities in the United States, Canada, Singapore and Thailand were transferred to Kawa in August 2013. Additionally, Conergy CEO Dr. Phillip Comberg will join the board of directors of Kawa Solar Holdings Ltd., with other Conergy executives filling key roles in the company.

“With the closing of the transaction, a new era starts for Conergy and its partners”, said Kawa Partner Andrew de Pass. “Conergy is very well positioned for the challenges of the future solar market with Kawa as the new owner: the company is financially powerful and has a new, strong balance sheet.”

“Conergy will be among the most ‘bankable’ downstream solar players. Through Conergy’s excellent sales network, the company has a very strong footprint in all important global markets and is a more reliable and stronger partner for our customers than ever.”

 

350 jobs secured

Contract documents for the sale of the remaining units were signed on October 2nd, 2013, following the opening of insolvency proceedings and the approval of the creditor committee. The sale involves the retention of 210 employees in the international units and 140 in Germany.

The two companies plan to work on new funding and financing solutions for PV deployment as well as grid parity business models. In European markets, Conergy will continue its focus on the rooftop PV segment, including self-consumption projects.

 

Conergy COO Gorski to retain position

Conergy Chief Operation Officer (COO) Alexander Gorski will remain in his role at Kawa Solar Holdings, and will also become CEO of Europe. Mark Lohoff will continue to be responsible for Asian and Australian markets as the CEO of Asia & Pacific, and former Conergy Americas President Anthony Fotopoulos will become the Americas CEO.

 

2013-11-21 | Courtesy: Conergy | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
http://www.solarserver.com/solar-magazine/solar-news/top-solar-news.html