Through its New Energy Investors II fund, Impax Asset Management is to acquire the German and French wind development and operating assets of Conergy, the German solar system manufacturer. No financial details of the transaction have been disclosed.
The combined asset/share deal between Impax and Conergy subsidiary Epuron consists of the Hamburg-based German wind development activities; all partnership shares of three operating wind farms in Eastern Germany; operation management business CSO Energy; and 100 percent of the company’s wind business in France.
As a result of the deal, Impax will acquire 23 megawatts (MW) of existing wind farms plus a development pipeline of 93 MW in Germany and 285 MW in France, of which 75 MW is in advanced development. The deal also includes wind development teams in both countries.
The sale is part of Conergy’s strategy to focus on its core solar business. It had previously announced its intention to exit from the wind business.
Last month, Impax announced the second closing of New Energy Investors II on €259 million, having received additional commitments of €118 million following the announcement that it had raised €141 million in March. The fund focuses on investment opportunities in independent power companies and projects in the renewable energy sector across the European Union.