Conergy sells French and German wind project business to Impax fund

Thursday, December 09, 2010

Conergy's wind business activities sold to private equity investor in combined asset/share deal

Hamburg, 09.12.2010 - German solar system manufacturer Conergy AG, today announces that it has signed an agreement to sell its German and French wind development and operating assets to an investment fund managed by Impax Asset Management ("Impax"), one of the leading specialist managers of listed and private equity funds dedicated to the renewable sector in Europe. No financial details of the transaction are being announced.

The combined asset/share deal between Conergy subsidiary Epuron GmbH and Impax New Energy Investors II L.P. consists of the German wind development activities based in Hamburg, all partnership shares of three operating wind farms in Eastern Germany, the operation management business CSO Energy GmbH and 100% of the company's wind business based in France.

As a result of this transaction, Impax New Energy Investors II L.P. acquires 23 MW of existing wind farms as well as a development pipeline of 93 MW in Germany and 285 MW in France, of which 75 MW is in advanced development stage, together with wind development teams in Germany and France.

Conergy CFO Dr. Sebastian Biedenkopf said: "Impax is an investor ideally placed to take up the strategy of Epuron to build a wind energy IPP* portfolio. We are happy to achieve with this transaction the last big milestone in refocusing on our core solar business."

Conergy's planned exit from the wind business had been announced previously.

Peter Rossbach, Managing Director Impax Private Equity added: "Impax is very pleased to make this acquisition as the foundation asset for the further growth of the French and German wind investment programmes of our latest infrastructure fund. We are grateful to Conergy and Epuron teams for their good work in the finalisation of this complex, multi-company and multi-country transaction."

* independent power producer

-ENDS-

For further information please contact:

Impax Asset Management Group plc Peter Rossbach Managing Director Impax Private Equity	0207 432 2617
MHP Communications Shona Prendergast	020 3128 8584 shona.prendergast@mhpc.com 07798 626 284
Gay Collins	020 3128 8582 gay.collins@mhpc.com 07798 626 282

Notes to Editors:

About Conergy
The Hamburg-based Conergy AG is a leading solar company, with 1,600 employees in 16 countries on four different continents. As a system supplier, the Conergy Group develops and produces crystalline solar modules, inverters and mounting systems at three locations in Germany. Conergy can therefore provide customers not only with "Made in Germany" quality standards but also with all the components required for a photovoltaic facility from a single manufacturer, thanks to its in-house production. With its own components and systems, the solar company develops, finances and implements solar facilities, plants and entire solar parks up to the megawatt class. Furthermore, Conergy distributes its product portfolio through a large network of partners and wholesalers.

Since it was founded in 1998, Conergy has sold more than 1.25 gigawatts of solar energy. Conergy AG has been listed on the Frankfurt Stock Exchange (ISIN: DE 00060 40025) since 2005 and pursues a strategy of growth into the renewable energy markets of the future.

About Impax Asset Management Group plc ("Impax"): 
Impax Asset Management is a leading specialist investment manager dedicated to the environmental sector. Founded in 1994, Impax manages a range of closed and open ended funds as well as segregated accounts on behalf of institutional and private investors.

The private equity infrastructure team at Impax targets investments in projects in the new energy sector, mainly in Europe. 

Impax has a track record of delivering excellent returns across listed equity and private equity strategies. Key investment team members have been working together at Impax for over a decade and have spent the majority of their careers in the environmental sector.

Impax is a signatory to the UN Principles of Responsible Investment (UNPRI) and the Carbon Disclosure Project and is also a member of the Institutional Investors Group on Climate Change (IIGCC) and the Investor Network on Climate Risk (INCR).