Kawa nails Conergy acquisitions
US investor Kawa Capital Management has as planned purchased the US, Canadian, Singaporean and Thai sales subsidiaries of insolvent German PV group Conergy – and intends to buy more of its overseas units by early October.
No price was disclosed for the acquisitions.
Two weeks after announcing its insolvency in July, Conergy said Kawa was planning to buy its brand name and many of its sales and service businesses, although not its Germany-based production facilities.
Acquiring the first four overseas units ahead of the rest was due to their elevated financing needs amid an ongoing strong order position in the market for large power plants, Conergy says.
“Kawa as new investor is assuming responsibility and with its financing possibilities secures carrying out new projects,” Conergy chief executive Philip Comberg says, adding that the company was keen to guarantee the financing of a series of large projects in North America and Asia.
Kawa plans to take over the other Conergy units it has pledged to buy as soon as possible, and at the latest by early October, Kawa partner Andrew de Pass says. The investor in July announced it also wants to buy Conergy’s subsidiaries in the UK, Spain, Italy, France, Cyprus and Australia, as well as its brand name.
Kawa is a Miami, Florida-based asset management company with a $500m portfolio ranging from real estate to company participations.
Conergy earlier said that it also hopes to sell its PV module and mounting system production units in Germany by early October, but so far hasn’t announced any progress on that front.