Kawa finalises Conergy purchases
US investor Kawa has closed its purchase of the German and sales and service units of Conergy, along with three other subsidiaries of the insolvent PV group.
Kawa said former Conergy CEO Philip Comberg is joining the board of Kawa Solar Holdings, the entity that now owns the Conergy German units and its operations in the UK, Italy and Australia.
Alexander Gorski, Conergy’s chief operating officer, takes on the role of CEO Europe.
Deals to buy Conergy’s sales units in the US, Canada, Singapore and Thailand were closed in August.
Kawa moved swiftly in July to agree the purchase the brand name and key non-manufacturing units of Hamburg-based Conergy, one of the biggest names in the global PV business before it fell victim to the downturn that also claimed several of its major rivals.
The acquisition by Kawa will see Conergy combine its PV expertise with the financial muscle of its new owner, said a statement.
Kawa partner Andrew de Pass said: “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," de Pass added.
“The more so since Conergy and Kawa will be working on new funding and financing solutions as well as grid-parity business models from which our customers will benefit globally.”
Kawa said 350 jobs – 140 of them in Germany – are secured through the acquisitions.