The energy trading arm of RWE (RWE Supply & Trading) has acquired a minority stake in the solar energy company Conergy, according to an email just sent to CleanTechnica.
The equity investment by the leading European utility company comes as part of a broader equity funding round being led by the majority owner, Kawa Capital Management. The new capital from this funding round will be used, reportedly, to help Conergy expand into the global market relatively rapidly.
Considering the strong growth experienced by Conergy in recent months, the bet seems like a sensible one. The company proved profitable in 2014, and saw around half a billion dollars in total revenue.
A member of the Board of RWE Supply & Trading, Andree Stracke, commented: “Having worked with Conergy successfully in Europe, we are pleased to be supporting the group’s worldwide expansion.”
This expansion will include increasing levels of project development, financing, engineering, procurement, and operations + maintenance. These services will continue to be applied to both the utility-scale, commercial, and residential markets, in both “emerging and high-growth markets,” according to the email sent to CleanTechnica.
The acquisition of a minority stake by RWE follows on previous partnerships between RWE and Conergy — including the finance, construction, and sale of one of the largest solar projects in the UK, at Kencot Hill in Oxfordshire.
Conergy CEO Andrew de Pass commented on the minority stake acquisition like this: “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. 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.”
The company’s COO, Alexander Gorski, chimed in as well: “We’ve had a very successful business relationship with RWE over the last two years and are pleased to build on that with this equity partnership.”
Image Credit: Conergy
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