Macquarie-backed Green Investment Group (GIG) has acquired Conergy Asia & ME’s solar development portfolio for an undisclosed amount.
Goldman Sachs BDC and US private equity firm Tennenbaum Capital Partners have owned the Singapore-headquartered EPC contractor and O&M service provider since August 2017.
Conergy employees located in Singapore, Australia, Japan, Germany and the Philippines will join GIG, Macquarie said on Tuesday (14 August).
GIG is buying development rights for some early stage future projects in the Asia Pacific region. Inframation understands GIG will not be purchasing any operating solar assets as part of this acquisition or taking over any existing EPC contracts Conergy has in place.
Conergy had expected to build over 100MW of solar in Australia but GIG will assess development rights for some early stage projects on a case by case basis
As part of the deal Macquarie Capital’s global green investment platform will acquire commercial, technical and energy storage capabilities, and an asset monitoring centre which is located in the Philippines.
Macquarie’s Asian solar portfolio consists of projects in Japan totalling more than 300MW in potential installed capacity.
Macquarie Capital acted as its own in-house financial advisor. Ashurst was its legal adviser.