Conergy extends finance facility to power solar business

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Solar developer Conergy has extended its bank guarantee facility with Tennenbaum Capital to US$75 million using funding from Goldman Sachs BDC in order to power an expansion of its solar business.

Andrew de Pass, chief executive at Conergy, said the facility would help the company execute a “global growth plan” in with the company looking to expand specifically into bidding, pre-construction, construction and output areas of the industry.

Conergy’s existing facility amount to around US$60 million, more than half of which was used to finance a 37MW project in the UK as well as a 50MW project located in the Philippines.

“Our upsized bank guarantee facility is a testament to the increased demand Conergy is seeing for its services in a number of different countries around the world,” said Timothy Gravely, managing director at Tennenbaum Capital Partners.

In July Conergy joined the growing list of developers to vocally criticise the UK government’s plans to remove Renewable Obligation support for sub-5MW projects, stating the risk the plans had to “further disrupt investor confidence” in the country.