Conergy has launched its Conergy Fund I program to provide financing for large-scale solar construction projects in the U.S.
With an initial target volume of $100 million and backing by Conergy's main investor, Kawa Capital Management, the Conergy Fund I provides financing for solar power plants and qualified commercial projects with renewable energy capabilities between 500 kW and 25 MW. Conergy says the fund is intended to streamline the financing process by managing the financial analysis, credit rating, administration and finance, billing, and collection of power purchase agreements on behalf of the project.
Through the fund, Conergy and its partners also aim to provide project development; engineering, procurement and construction services; and operations and maintenance management.
Kawa Capital Management acquired Conergy in August 2013.
‘The Conergy Fund I program is the first step in a long relationship with Kawa,’ says Anthony Fotopoulos, CEO of Conergy Americas. ‘We already have five projects in the United States utilizing the fund, and expect to develop and acquire projects in other growth markets in 2014.’