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Fri November 27 2020

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Rescue for solar energy specialist

27 Sep 13 The developer of the UK’s first large solar farm is being taken over by US venture capitalists.

A Conergy solar farm
A Conergy solar farm

Milton Keynes based Conergy UK & Ireland, along with its German parent company Conergy AG and sister units in Italy and Austria, is being acquired by Miami-based asset management firm Kawa Capital Management.

Conergy UK & Ireland built the UK’s first large solar farm in Nottinghamshire as well as a wave-shaped rooftop installation at the headquarters of the Nationwide Building Society in Swindon. Its future had been jeopardised by problems at the parent company in Germany.

On 29 August Kawa Capital Management acquired Conergy’s sales units in Canada, United States, Singapore and Thailand in the first phase of sales. Today Conergy AG announced its creditor committee and the banks have both indicated their approval for the second-phase sale of four business units, including the UK & Ireland subsidiary, for an undisclosed sum.

Robert Goss, managing director of Conergy UK & Ireland, and a member of the UK government’s Solar Strategy Taskforce, said: “We’re absolutely thrilled to have Kawa as our new owner. This is a vote of confidence not only in our service and technical capability, but a vote of confidence in British solar, the sixth biggest market worldwide in 2013. Our customers and partners have been very patient and we’re grateful for their support.”

Founded in 1998, Conergy opened its UK operations in Milton Keynes in 2010. At the start of 2013, Conergy-powered installations generated 70% more electricity worldwide than all of the solar installations in the UK.

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MPU

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