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.