Conergy is selling its US solar distribution business to Soligent a major PV products distributor in the country for an undisclosed sum. As a result, Conergy is focusing on its PV project business in US.
Anthony Fotopoulos, Americas CEO of Conergy said: “Conergy sees great opportunity at a time in the Americas where utility-scale and distributed generation continues to grow across all markets. Throughout North America, Conergy has been able to partner with developers and building owners due to our strong balance sheet and project financing relationships. With our additional resources, we can sharpen our focus and maintain our growth into additional markets in Central and South America to procure and develop new pipeline.”
According to Soligent, the acquisition of Conergy’s distribution business means it can service almost 5,000 solar installers, energy efficiency firms, electrical contractors and roofing companies in the country and over 40 additional countries, providing estimated annual revenue in the hundreds of millions of dollars.
Jonathan Doochin, CEO of Soligent added: “We see this as an additional opportunity to give our current and future dealers – of any size or in any location – the tools they need to make a difference in the lives of people everywhere.”
The US is projected to install around 6GW of PV in 2014, a 26% increase over last year.
US based financial investor Kawa Capital Management, Inc., acquired Conergy in 2013.
Conergy also announced separately that it had sold its distribution arm in Canada to HES PV, one of Canada’s largest and oldest PV distribution companies. Financial details were also not disclosed.