Solar Shift

Sun Rises on RWE and Conergy Deal

solar park action press
Sun won't set on Germany's Conergy after all.
  • Why it matters

    Why it matters

    RWE has been late entering the solar field, which grew by a fifth in worldwide capacity last year.

  • Facts

    Facts

    • The two companies have worked together in Europe over the past year.
    • Conergy filed for bankruptcy in 2013 following a sharp drop in module prices due to Asian competition.
    • The Hamburg-based solar company is now majority-owned by the U.S. investment firm, Kawa Capital Management.
  • Audio

    Audio

  • Pdf

Germany’s second largest utility, Essen-based RWE, is further expanding into sustainable energy by purchasing a stake in Conergy, the solar group from Hamburg.

RWE has been working with Conergy in Europe for the last year, said Andree Stracke, a board member of the utility’s subsidiary, RWE Supply & Trading. RWE offers industrial clients complete solar roof units, which Conergy builds and services.

“We are pleased to be supporting the Conergy Group’s worldwide expansion,” Mr. Stracke said in a statement.

The companies would not say how big of a stake RWE bought. But the solar company said RWE had made the single biggest investment in a $45 million funding round, according to Reuters. RWE will also have a seat on the Conergy board.

Want to keep reading?

Subscribe now or log in to read our coverage of Europe’s leading economy.