RWE buys minority stake in solar firm

German utility RWE has bought a minority stake in solar energy company Conergy. No details on the size of the stake were disclosed but the announcement is part of a […]

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By Priyanka Shrestha

German utility RWE has bought a minority stake in solar energy company Conergy.

No details on the size of the stake were disclosed but the announcement is part of a larger $45 million (£30.5m) equity funding round led by Miami-based Kawa Capital Management which bought Conergy in 2013.

Andree Stracke, board member of RWE Supply & Trading, the utility’s trading arm said: “Having worked with Conergy successfully in Europe, we are pleased to be supporting the group’s worldwide expansion.”

Conergy expects revenues to grow from nearly $500 million (£339m) last year to $700 million (£475m) in 2015.

Andrew de Pass, Chief Executive Officer of Conergy added: “We look forward to using this capital to develop more projects with new and existing partners in the solar industry as our global pipeline approached 4GW.”