German solar system manufacturer Conergy AG, announces that it has signed an agreement to sell its German and French wind development and operating assets to an investment fund managed by Impax Asset Management (“Impax”), one of the leading specialist managers of listed and private equity funds dedicated to the renewable sector in Europe. No financial details of the transaction are being announced.
The combined asset/share deal between Conergy subsidiary EPURON GmbH and Impax New Energy Investors II L.P. consists of the German wind development activities based in Hamburg, all partnership shares of three operating wind farms in Eastern Germany, the operation management business CSO Energy GmbH and 100% of the company’s wind business based in France.
As a result of this transaction, Impax New Energy Investors II L.P. acquires 23 MW of existing wind farms as well as a development pipeline of 93 MW in Germany and 285 MW in France, of which 75 MW is in advanced development stage, together with wind development teams in Germany and France.
Conergy CFO Dr. Sebastian Biedenkopf said: "Impax is an investor ideally placed to take up the strategy of Epuron to build a wind energy IPP* portfolio. We are happy to achieve with this transaction the last big milestone in refocusing on our core solar business.”
Conergy’s planned exit from the wind business had been announced previously.
Peter Rossbach, Managing Director Impax Private Equity added: “Impax is very pleased to make this acquisition as the foundation asset for the further growth of the French and German wind investment programmes of our latest infrastructure fund. We are grateful to Conergy and Epuron teams for their good work in the finalisation of this complex, multi-company and multi-country transaction.”