Conergy announced that it has increased its Tennenbaum-led bank guarantee facility to $75 million with funding from Goldman Sachs BDC, Inc. The increase will be used as collateral to finance Conergy’s rapidly growing global solar business and specifically to fund its large solar projects in four stages; bidding, pre-construction, construction and output.
“The support from Goldman Sachs BDC, Inc. as well as Tennenbaum Capital Partners and Deutsche Bank, helps Conergy execute its global growth plan in solar power projects and affirms its position as one of the most bankable global downstream companies in the solar industry,” said Andrew de Pass, CEO of Conergy.
Goldman Sachs BDC, Inc. provided additional funding to Conergy’s existing bank guarantee facility, which was arranged by Deutsche Bank in July 2014 with initial capital of $60M from Tennenbaum Capital Partners (TCP). In the past year, Conergy utilized over half of the original facility, including for two of its largest installations: output guarantees for a 37 MW project in the United Kingdom and performance guarantees for a 50 MW project in the Philippines.
“We are pleased to partner with Conergy, a leader in solar project development and construction.” said Brendan McGovern, CEO of Goldman Sachs BDC, Inc. “This loan, in conjunction with capital from our co-lenders, will help facilitate Conergy’s continued growth and expansion.”
“We are pleased to have Goldman Sachs BDC, Inc. partner with us in supporting Conergy’s global solar business,” said Timothy Gravely, Managing Director of Tennenbaum Capital Partners. “Our upsized bank guarantee facility is a testament to the increased demand Conergy is seeing for its services in a number of different countries around the world.”
Conergy’s global solar operations span five continents. The company has installed over one GW of solar, enough to power approximately 300,000 homes.
