Conergy Group, a global downstream solar company, has closed a $60 million bank guarantee facility for an expansion of its solar projects business by up to 400 MW.
Deutsche Bank arranged the facility, and Tennenbaum Capital Partners LLC financed it. Timothy Gravely, managing director of Tennenbaum, comments, ‘Conergy has a proven solar business, and we are pleased to provide growth capital to support their expansion around the world.’
To date, Conergy says its engineering, procurement and construction business has been responsible for solar plants totaling 650 MW worldwide, and its operations and maintenance business has managed 300 MW of assets for 200 customers.
Conergy, which is backed by majority shareholder Kawa Capital Management, says the new bank guarantees will enable it to accelerate its participation in high-growth markets, expanding project capacity supported by bank guarantees by up to 400 MW.