Kawa Solar (Conergy Group) has secured a bank guarantee facility of $60m for the expansion of the company’s solar projects business.
The loan facility has been arranged by Deutsche Bank and financed by Tennenbaum Capital Partners and is expected to strengthen financial support across Conergy’s power plants value chain.
The value chain ranges from project development, through the engineering, procurement and construction (EPC) of new plants, to the operations and maintenance (O&M) of completed plants.
Conergy Group global COO Alexander Gorski said the new financing will allow Conergy Group to rapidly scale up global projects business.
“Backed by strong equity investors, we have generated exceptional growth in utility-scale projects this year,” Gorski said.
Conergy’s EPC business has been managing solar power plants totalling 650MWp worldwide and the O&M business for the management of 300MWp of assets for 200 customers, to date.
“With the new bank guarantees, Conergy Group is expected to accelerate its participation in high growth markets.”
Conergy Group board member Andrew de Pass said: “The support of Deutsche Bank and Tennenbaum Capital Partners positions Conergy to execute its global growth plan in solar power projects, and confirms Conergy as one of the strongest downstream companies in solar with a truly global footprint.”
Tennenbaum Capital Partners managing director Timothy Gravely said: “We have deep expertise in the energy technology sector and we are pleased to leverage that on behalf of Conergy.”
With the new bank guarantees, Conergy Group is expected to accelerate its participation in high growth markets while expanding project capacity supported by bank guarantees by up to 400MWp.
Conergy’s projects are backed by majority shareholder Kawa Capital Management.