Conergy Global

Investment in Australian renewable energy projects continue to surge, with Tennenbaum Capital Partners (TCP) and Goldman Sachs BDC, Inc. (GSBD), a business development company managed by Goldman Sachs Asset Management (GSAM) signing a definitive agreement to acquire Conergy Asia & ME Pte. Ltd. and its subsidiaries (Conergy) from Kawa Solar Holdings.

Conergy’s Australian arm has developed Australia’s first utility-scale solar and battery project – the Lakeland Solar & Storage Project – in Far North Queensland.

Conergy Australia’s Managing Director Christopher West said the company’s acquisition would ensure it had additional capital to grow substantially and further expand on its existing pipeline of large-scale solar projects.

“It’s an exciting time to be involved in renewables in Australia. Unsubsidised large-scale solar is beginning to beat not only wind but also coal and natural gas and you have state governments like Queensland’s announcing really ambitious renewable targets, mirroring growing community sentiment toward a lower carbon future,” Mr West said.

“Given the political uncertainty in the sector in the last few years, many companies have struggled to find reliable sources of funds. There is a real transformation taking place in the local market and Conergy are now pitched to play a large part in it.

“The backing of our new investors who have a keen interest in renewable energy really validates our business model and expertise in solar development, guaranteeing funding to continue our plans for expediential growth in Australia.”

Conergy is currently working on a further expansion of its Lakeland Solar & Storage project, which is poised to deliver 13MW of solar generation and storage.

“We’re looking at adding up to 100MW of generation in far North Queensland as well as subsequent developments within the Lakeland project,” said Mr West.

“This project has already provided more than 60 jobs for communities in the north of Queensland, and our plans will add hundreds of construction and maintenance jobs in the future, not to mention up to 100MW of clean energy.”

Rajneesh Vig, Managing Partner of Tennenbaum Capital Partners, said that this acquisition offered a unique opportunity to work closely with one of the industry’s most experienced solar firms and to participate in the Asia Pacific market.

“The Asia Pacific is one of the most attractive solar markets in the world today,” said Mr Vig.

“We look forward to the company’s continued success.”

Conergy APAC’s Chief Executive Officer, Alexander Lenz said this transaction brought tremendous value to their business, employees and customers.

“Over the past few years, Conergy has built leading positions in the Asia Pacific market, creating a formidable and highly competitive organisation with excellent growth prospects,” said Mr Lenz.

“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 and execute our plans for growth in Australia, the emerging markets of Southeast Asia and Japan.”

ENDS

For enquiries contact Melissa Murchison at Conergy (07) 3036 1361

m.murchison@conergy.com


About Conergy

Conergy specialises in the development, design, finance, build and long-term asset management of commercial, industrial and utility-scale solar power systems. Conergy has served as the EPC contractor and O&M service provider for approximately a half gigawatt of solar plants. Since its founding, Conergy has installed almost 2 gigawatts of capacity globally. The Company has operations in Australia, Singapore, Japan, Thailand, the Philippines, Myanmar and Germany. For more information, visit conergy.com.au

About Tennenbaum Capital Partners, LLC

Tennenbaum Capital Partners, LLC (“TCP”) is an alternative investment management firm focused on direct lending and special situations for middle-market companies. TCP manages funds and accounts on behalf of global institutional investors. Since its founding, TCP has invested more than $18.5 billion in over 500 companies. TCP is headquartered in Los Angeles with additional offices in New York and San Francisco. For more information, please visit: http://www.tennenbaumcapital.com/and http://www.tcpcapital.com/.

About Goldman Sachs BDC, Inc.

Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com.

Conergy Australia
Conergy Australia
Solar energy is a long-term investment, so it’s vital when considering a supplier that you chose one that has the financial resources, experience and proven history of success. Conergy Australia is such a company. We are an integrated solar energy solution and service provider with an impeccable record of delivering