U.S. private equity funds Tennenbaum Capital Partners LLC (TCP) and Goldman Sachs BDC (GSBD) have bought solar energy company Conergy Asia & ME Pte Ltd and its subsidiaries, Conergy said on Wednesday.
Kawa Solar Holdings sold Conergy to the funds for an undisclosed sum in a transaction that closed on Tuesday, Singapore-headquartered Conergy said in a statement.
“TCP’s and GSBD’s extensive experience and access to capital will strengthen Conergy’s financial position, enhance our capabilities, and allow us to pursue new business opportunities in the region and execute our plans for growth in Australia, the emerging markets of Southeast Asia and Japan,” Alexander Lenz, Chief Executive Officer of Conergy, said in a statement.
Conergy builds, operates and manages solar power plants in Japan, Australia, Thailand, the Philippines, Myanmar and Germany. The company said it has installed almost 2 gigawatts of solar power capacity globally.
“This acquisition offers us and GSBD a unique opportunity to work closely with one of the industry’s most experienced solar firms and to participate in the Asia Pacific market – one of the most attractive solar markets in the world today,” Rajneesh Vig, managing partner of Tennenbaum Capital Partners, said.
TCP, headquartered in Los Angeles, is an alternative investment management firm while Goldman Sachs BDC is a business development company managed by Goldman Sachs Asset Management.