Conergy has sold four sales units to Kawa Capital Management in the first phase of a deal to transfer all the company’s sales operations.
An agreement for the sale of Conergy’s brand and sales division – but not its manufacturing division – was announced in July.
The two have now confirmed that subsidiaries in Canada, US, Thailand and Singapore will be immediately acquired by Kawa. Financial details of the investment have not been revealed.
Conergy has a number of large projects under way in these territories and ensuring its ongoing progress via Kawa’s investment, has been prioritised.
“With the construction progress the financing needs have increased as expected. In recent weeks we have focused on ensuring the necessary funding for these projects. We have been working hard on a solution. The first step in the two-step procedure for the planned transfer of all global sales units has been implemented now,” he added.
The remaining operations will be transferred in late Autumn.
“We are committed to the Conergy takeover and are working towards closing the planned acquisitions of the remaining Conergy units in a second step by early October,” said Kawa Partner Andrew de Pass. “We are currently intensively working on the transaction documentation as well as the employee structure.”
PV Tech understands that most of the affected jobs in Conergy's sales operations will be secured.
Conergy’s administrator Sven-Holger Undritz, of the law firm White & Case, has said that the insolvency proceedings protect the salaries of employees till the end of September. Undritz also claimed that “promising talks” with buyers for the manufacturing division were under way.