Goldman, Tennenbaum acquire Singapore's Conergy

Following the acquisition, Conergy will focus on its growth plans in Australia, Southeast Asia, and Japan, according to a statement. The company already operates in all three areas, with its projects in the Asia Pacific region amounting to about 500 megawatts of solar power. It also supports certain projects run by its parent in Germany.

Conergy was founded in 1998 in Germany and has operated in the Asia-Pacific region since 2006. The company filed for bankruptcy and was sold to US-based PE firm Kawa Capital Management in 2013. Conergy has installed nearly 2 gigawatts of solar capacity worldwide, including in Thailand where it often collaborates with former subsidiary, Armstrong Asset Management-backed Annex Power.

Goldman Sachs made its investment through Goldman Sachs BDC (GSBD), which backs middle-market companies primarily based in the US. Tennenbaum is an alternative investment management firm from Los Angeles that focuses on direct lending and special situations for middle-market companies. Since its founding in 1999, the firm claims to have invested $18.5 billion in over 500 companies worldwide.

“This acquisition offers us and GSBD a unique opportunity to work closely with one of the industry’s most experienced solar firms and to participate in the Asia Pacific market – one of the most attractive solar markets in the world today. We look forward to the company’s continued success,” said Rajneesh Vig, managing partner of Tennenbaum.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Infrastructure
• Infrastructure
• Singapore
• energy
• Goldman Sachs