Purchase sees company more than double portfolio as it eyes future expansion
Conergy has acquired Wirsol Solar UK for an undisclosed sum, extending its solar farm pipeline to about 200MW.
The deal rescues the 100MW of projects put at risk by the Sussex-based arm of German large-scale developer Wirsol's insolvency, after the company reportedly racked up €60m of debt. About 50MW of the portfolio is ready to be built with the first projects already under construction, while another 50MW of solar capacity is in the development phase. In a statement, Conergy said these plants are expected to be ready to be built during the course of the year.
Conergy was itself plucked from insolvency in October by Miami-based Kawa Capital Management. The following month, the new company sold a 90MW solar farm portfolio that it had developed together with a local partner to an investor while at the same time securing exclusive construction rights for the entire portfolio.
Today's deal is earmarked as a stepping stone towards further expansion through both acquisitions and organic growth.
Alexander Gorski, chief operating officer and Europe chief executive of the new Conergy holding company, said: "The UK is one of the most exciting growth markets for Conergy, especially for the development and the construction of turnkey PV plants. We have a leading position in this market with our project pipeline including solar farms totaling about 200MW.
"In addition to our build expertise, we plan to further strengthen our activities in the project development and financing. After the growth markets in Asia and North America, we are in a position to successfully implement this strategy also in Europe with the target to further expand such investments."
The deal marks the latest development in a busy week for the UK solar farm sector, following the publication of the government's community energy strategy, Foresight's near-completion of £150m of solar farm investment, and solar fund NextEnergy's announcement that it intends to float.
