U.S.-based investor planning to acquire Conergy's global sales and service entities----- The necessary associated administrative, management and infrastructure functions, including "Conergy" brand part of the transaction----- Purchase agreement expected to be executed in the second half of August
Hamburg / Miami, 19 July 2013 – The U.S. based financial investor Kawa Capital Management, Inc. ("Kawa"), directly and/or through affiliates, intends to acquire most of the global sales units from Conergy as well as the necessary associated administrative, management and infrastructure functions of Conergy AG, including the "Conergy" brand. Kawa is a multi-platform asset management firm with headquarters in Miami, Florida. Production subsidiaries Mounting Systems GmbH and Conergy SolarModule GmbH & Co. KG are not part of this transaction.
Kawa, the Conergy Management Board and the preliminary insolvency administrator have signed a letter of intent this Friday. The parties intend to finalize the details of the envisaged transaction and the purchase agreement in the next four weeks. The purchase agreement is expected to be executed in the second half of August, subject to a number of conditions precedent including the approval of Conergy's creditor committee.
CEO Comberg: Kawa is our ideal partner, our expertise is highly complementary
"Kawa is our preferred partner. We have been in intense negotiations about an investment in Conergy for months and have agreed on the future concept for Conergy already a long time ago," said Conergy CEO Dr. Philip Comberg. "Our expertise is highly complementary. In the last two years we have consistently focused Conergy on our strengths in international sales and services. At the same time, we have developed new financing and asset management services. With this setup, Conergy is ideally suited for the future challenges in the global solar growth markets. We want to sustainably implement this ‘downstream strategy' in the international solar markets with a strong financial and strategic partner who is investing in the company for the long term. Kawa's financing and structuring capabilities combined with Conergy's global platform, track record and unparalleled expertise in downstream solar PV creates a unique and leading market player."
Kawa's objective is to acquire the two German entities Conergy Deutschland GmbH and Conergy Services GmbH as well as the subsidiaries in the U.S. and Canada, Singapore and Thailand, Australia, Spain, Italy, France, Greece, Cyprus and the United Kingdom. None of these entities has filed an application to open insolvency proceedings and each continues to operate normally. Negotiations on further international entities are ongoing. Kawa also plans to acquire the necessary associated administrative, management and infrastructure functions, including operations in Hamburg and Zweibrücken, Germany, as well as the brand "Conergy" from the insolvent parent company Conergy AG. This is a positive signal to the market, the Conergy employees as well as the clients: Conergy will continue to be their strong partner on a global basis. The parties expect to finalize further details of the envisaged deal over the next few weeks.
Kawa's Ades: Together we are uniquely positioned to capitalize opportunities in global markets
"We are excited about this potential transaction with Conergy, a global leader in the downstream solar industry," said Daniel Ades, Managing Partner of Kawa. "The solar PV market is growing exponentially as costs approach grid parity, and Conergy is uniquely positioned to capitalize on this opportunity globally. We see a large potential in structuring and financing solar facilities across different jurisdictions, from residential to commercial rooftop to smaller scale utility projects, by packaging the predictable cash-flow streams into special financing vehicles. Conergy's high standards of excellence and experience, with over 2.3 GW of panels sold and installed worldwide, make Conergy a natural leader in the global downstream solar PV market and a natural partner for successfully executing this strategy."
Undritz: Transaction is to secure jobs of numerous Conergy employees
"We knew that we needed to be very fast in finding a solution that secures the jobs of numerous Conergy employees. It looks as if such a solution is now looming, just two weeks after the application to open insolvency proceedings. This is mainly due to the excellent preparation by the Conergy Management Board and the previously held negotiations," said the preliminary insolvency administrator Dr. Sven-Holger Undritz of the law firm White & Case. "We will work closely together with Kawa on finalizing the purchase agreement in the upcoming weeks."
Undritz: I am optimistic that we will soon find a solution for the production
The two production units Conergy Mounting Systems GmbH and Conergy SolarModule GmbH & Co. KG are not part of the planned acquisition. The preliminary insolvency administrator continues to seek separate solutions for both subsidiaries: "For Mounting Systems we are already in promising talks with potential investors," said Undritz. "I am confident that we will very soon find a solution for the two subsidiaries in Rangsdorf and Frankfurt (Oder), Germany, which are affected by the preliminary insolvency."
Production continues at Mounting Systems in Rangsdorf with unchanged high utilization. The mounting system producer is currently supplying numerous contracts for international projects and order books are still full. In the module production in Frankfurt (Oder) books are also well filled. Management and the preliminary insolvency administrator therefore announced today to resume production next Monday at the module factory, which employs around 320 staff. Wages and salaries of the employees of Conergy SolarModule, Conergy AG and Mounting Systems are secured by the insolvency fund.
Conergy supplies complete solar energy solutions from a single source. As a leading PV Solution and Service Provider, Conergy offers its customers tailor made, worry-free, high-performance packages – be it for private or commercial roofs or for multi-megawatt installations. Along with supplying the "hardware" – all the necessary components for a solar plant – Conergy's complete solutions also include a full range of related solar services from architectural planning to yield insurance providing total piece of mind.
Conergy sells its system solutions around the world. Being active in over 40 countries across 5 continents, and with subsidiaries in 15 countries, Conergy ensures customers are never far from a Conergy expert. In the mature European solar markets, the PV solution and service provider calls upon an unrivalled network of premium quality installers, integrators, solar specialists and wholesalers to gain access to the rooftops and thus support homeowners, private investors and commercial businesses in their efforts to "go solar". In the emerging photovoltaic markets, the solar experts are focusing on large-scale solar plants, collaborating with international and local investors. As a result, around three-quarters of the group's sales came from international markets in 2012, a trend which looks set to continue as Conergy consolidates its leading position in the global market.
For its turnkey solar plants all around the world, Conergy's exacting standards apply. This is backed by a continuous quality assurance process which far exceeds the usual market standards and whose quality has been certified and confirmed by TÜV Rheinland. In the project's design and development phase, Conergy's experts manage the planning and financing; and after the plant has been constructed and commissioned they take care of monitoring, maintenance, operational management of the plant and offer comprehensive warranty services and insurance.
Conergy is listed on the Frankfurt Stock Exchange and currently employs around 1,200 staff worldwide. Since its foundation in 1998, the company has produced and sold more than 2.3 gigawatts of clean solar energy and planned and constructed solar power plants with a capacity of around 490 megawatts. This means that in 2012 Conergy plants generated more electricity than one nuclear plant.
Kawa Capital Management, Inc. is an independent asset management firm based in Miami, Florida with over $500 million of assets under management. Kawa is dedicated to running strong absolute long-term strategies, focusing on investment strategies that are unique and diversified, always prioritizing capital preservation. Founded in 2007, Kawa manages a multi-strategy hedge fund, several special purpose investment vehicles and has joint ventures in both the private equity real estate and private secured lending space.
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