Conergy gets solar financing boost

Conergy Group says it has obtained a $60m bank guarantee to finance up to a 400MW increase in solar energy project capacity in high-growth global markets.

Deutsche Bank arranged the facility, which Los Angeles-based investment firm Tennenbaum Capital Partners financed.

Conergy says the financing will support Conergy’s solar business from project development through engineering, procurement and construction of new plants, to operations and maintenance.

"Conergy has a proven solar business and we are pleased to provide growth capital to support their expansion around the world,” says Timothy Gravely, managing director of Tennenbaum Capital Partners.

Miami-based US private equity firm Kawa Capital Management is majority owner of Conergy.

The solar company says its projects business tripled in the first half this year versus 2013 including those under development, construction or management.