Conergy pushing business in US and Asia as Europe wanes

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Impacted by 40% module price declines, tightening project finance environment and the cancellation costs associated with a wafer supply deal with MEMC, Conergy reported Q3 2012 revenue of €108.0 million, down from €182.4 million in the same period a year ago.

Delayed PV projects, due to financing issues for certain customers meant module sales were down 6% compared to the same period in 2011, to 84MW.

Yet the company was able to capitalise on a strong German market late in the third quarter as module volumes increased by 36% year-on-year, while volumes in Europe overall increased by 3% compared to the same period last.

The decline in revenue was partially due to the continued fall in module prices and weaker demand across European markets. Management noted that module prices had fallen by around 10% q-on-q and 40% y-on-y, due to continued industry overcapacity.

Falling process also had an impact on gross margins. The company reported a gross margin of 16.5% for the first nine months of 2012, down from 19.7% in the same period of 2011.

The company said that certain projects in Germany would incur a delay in transferring to investors, shifting recognition to Q4.  The same problem was noted to have occurred in Asia, though the company did not provide further details.

The US market continues to experience strong growth as sales volume increase 51%, compared to the previous year period.

Conergy reported a negative EBITDA of €31.7 million in Q3, primarily due to the €18 million payment to MEMC to cancel its long-term wafer supply deal. Excluding the one time impact, EBITDA would have been negative €13.7 million, indicating losses have been reduced by around 70% over the last year.

Dr. Philip Comberg, CEO at Conergy said: “We have a strong position in Europe, but the third quarter was characterised by a sustained steep decline in prices, funding cuts in Germany and Italy as well as the Euro-crisis. Hence Conergy’s growth markets become more and more important. The significant volume increase in the US and the recently announced 21MW project in Thailand show that we are progressing very well in building up these markets. We are currently working on further expanding our leading market position in Thailand for the coming year.”

The company said that it expected sales for the full-year to be lower than those reached in 2012, while the company expected to report a loss in the mid-double-digit euro million range.

The Conergy Group had cash equivalents of €11.9 million at the end of Q3.


Solar Media has announced details of a new international conference on the fast-growing  “tiger cub” Southeast Asian solar markets. It takes place in Bangkok, Thailand on March 19-20 next year. Details can be found at

28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.

Read Next

September 22, 2021
Renewables developer and asset manager RES has named Eduardo Medina as its new chief executive designate, with the former Vestas, SunPower and Acciona exec set to take over at the end of next month.
September 22, 2021
More than 190 US solar companies have warned that proposed duties on imports of modules and cells from three Southeast Asian countries represent an “immediate and serious threat” to America’s solar sector.
September 22, 2021
Access to off-grid electricity should be seen as a key mechanism to drive rural development and improve economic wellbeing and living standards in Sub-Saharan Africa (SSA), according to a new report by University College London’s (UCL) Engineering for International Development Centre and off-grid, pay-as-you go solar company BBOXX.
September 22, 2021
A project combining 300MWac of solar with a 150MWac/600MWh battery energy storage facility in New Mexico has advanced after DE Shaw agreed to acquire it.
September 22, 2021
Generac Power Systems has bolstered its presence in the microinverter segment with the launch of a new product line that it says allows homeowners to take advantage of the full potential output of solar arrays.
September 22, 2021
Oil and gas major Shell has launched the Shell Energy brand in Brazil and has committed to investing R$3 billion (US$570 million) in renewables in the country by the end of 2025

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021