New Conergy CEO mulling IPO - report

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International solar developer, Conergy, has announced a reshuffled management team and revealed that it plans to go public within the next one to two years.

One and a half years after being rescued from insolvency by private equity group Kawa Capital Management, Conergy has named former chairman, Andrew De Pass, as its new chief executive, backed by a new-look senior management team.

De Pass wasted no time in outlining his vision for Conergy, revealing in a debut interview with the Financial Times newspaper today that the company is preparing for an initial public offering within the next 12 to 24 months after returning to profitability.

“The market wants an alternative to SunEdison and we are that alternative,” he told the FT in reference to US developer SunEdison, which has been on an aggressive international project drive since floating its yield-co project vehicle, TerraForm Power, last year. That process and the acquisition of the wind power developer, First Wind, has made SunEdison the world’s largest renewable energy developer.

The IPO would cap a dramatic return to form for Conergy since Kawa acquired the company 2013, sold off its loss-making manufacturing elements and refocused it as an exclusively downstream PV player.

Conergy said it installed 300MW of PV capacity last year, and expects to build half as much again – 450MW – in 2015. Last year also saw it return to profitability, with revenue of US$500 million and a profit of less than US$10 million.

With interests in around 12 markets worldwide now, De Pass told the FT Conergy would look expand its global footprint further, with Latin America, Turkey and parts of Africa among target markets.

PV Tech is seeking further comment from Conergy.

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