Tennenbaum Capital Partners, a U.S. based private equity firm, and Goldman Sachs BDC, a business development company managed by Goldman Sachs Asset Management, acquired Conergy Asia & ME Pte Ltd along with its subsidiaries for an undisclosed sum.
Funds managed by Tennenbaum Capital Partners, LLC (“TCP”) and Goldman Sachs BDC, Inc. (“GSBD”), a business development company managed by Goldman Sachs Asset Management (“GSAM”) have signed a definitive agreement that acquired the Company from Kawa Solar Holdings.
“This transaction brings tremendous value to our business, our employees, and our customers. Over the past few years, Conergy has built leading positions in the Asia Pacific market, creating a formidable and highly competitive organization with excellent growth prospects. TCP’s and GSBD’s extensive experience and access to capital will strengthen Conergy’s financial position, enhance our capabilities, and allow us to pursue new business opportunities in the region and execute our plans for growth in Australia, the emerging markets of Southeast Asia and Japan,” stated Alexander Lenz, Chief Executive Officer, Conergy.
“Their investment reinforces our competitive position as a premier solar downstream player in the Asia Pacific market, and further strengthens Conergy’s long-term position as a leader in solar project development/finance, construction, and operations,” commented Marc Lohoff, Chief Operating Officer, Conergy.
“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,” stated Rajneesh Vig, Managing Partner, Tennenbaum Capital Partners.
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.