Conergy Asia & ME and its subsidiaries, including Conergy Australia, has been acquired by global investment firms Tennenbaum Capital Partners and Goldman Sachs Asset Management.
Conergy’s Australian arm has developed Australia’s first utility-scale solar and battery project – the Lakeland Solar and Storage Project – in Far North Queensland.
Conergy Australia’s managing director Christopher West said the company’s acquisition would ensure it had additional capital to grow substantially and further expand on its existing pipeline of large-scale solar projects.
“It’s an exciting time to be involved in renewables in Australia,” he said.
“Unsubsidised large-scale solar is beginning to beat not only wind, but also coal and natural gas and you have state governments like Queensland’s announcing really ambitious renewable targets, mirroring growing community sentiment toward a lower carbon future.
“Given the political uncertainty in the sector in the last few years, many companies have struggled to find reliable sources of funds.
“There is a real transformation taking place in the local market and Conergy are now pitched to play a large part in it.”
Mr West said the investment would guarantee funding for Conergy to continue its plans for expediential growth in Australia.
The company is currently working on a further expansion of its Lakeland Solar and Storage project, which is poised to deliver 13MW of solar generation and storage.
“We’re looking at adding up to 100MW of generation in far North Queensland as well as subsequent developments within the Lakeland project,” Mr West said.
“This project has already provided more than 60 jobs for communities in the north of Queensland, and our plans will add hundreds of construction and maintenance jobs in the future, not to mention up to 100MW of clean energy.”
Tennenbaum Capital Partners’ managing partner Rajneesh Vig said the acquisition offered a unique opportunity to work closely with one of the industry’s most experienced solar firms and to participate in the Asia-Pacific market.
“The Asia-Pacific is one of the most attractive solar markets in the world today,” Mr Vig said.
“We look forward to the company’s continued success.”