Solar developer Conergy has attracted US$45 million in equity funding from a group of investors lead by Germany utility RWE in what is seen as an endorsement of the importance of the solar industry.
The equity injection will give RWE an undisclosed minority stake in Conergy. Conergy’s existing investors also participated in the funding. US-based asset management firm Kawa Capital Management, which acquired Conergy’s assets in 2013, will continue to hold a majority stake in the soalr company.
RWE is mostly an operator of fossil fuel projects whose major investments in renewables have been in wind and biomass. The company, however, has an existing relationship with Conergy for rooftop solar projects in Germany. Conergy expects to focus on Japan, Philippines, Mexico, Chile, Central America and Africa for growth this year.
“We are pleased to have RWE’s financial backing and endorsement of Conergy as one of the most strategic and fastest-growing downstream companies in solar,” said Conergy CEO Andrew de Pass. “We look forward to using this capital to develop more projects with new and existing partners in the solar industry as our global pipeline approached 4 gigawatts. With this important stamp of approval, it is clear that the turnaround of Conergy is complete and our growth trajectory is certain.”