Downstream solar firm Conergy Asia has been acquired by two private equity funds, Tennenbaum Capital Partners (TCP) and Goldman Sachs BDC (GSBD). The deal was closed on 1 August.

The Singapore-based subsidiary works on the development, design, finance, build and asset management of utility and C&I solar projects as well as an EPC and O&M contractor.

“This transaction brings tremendous value to our business, our employees and our customers,” said Alexander Lenz, CEO, Conergy. “Over the past few years, Conergy has built leading positions in the Asia Pacific market, creating a formidable and highly competitive organization with excellent growth prospects. 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,” he added.

Conergy has a long relationship with Goldman and Tennenbaum with the trio having extended a financing arrangement to US$75 million.

“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,” said Rajneesh Vig, managing partner of Tennenbaum Capital Partners.