Tennenbaum, Goldman take over Conergy Asia & ME

Conergy Asia & ME Pte Ltd announced today that its parent Kawa Solar Holdings has sold the downstream solar power company to funds managed by Tennenbaum Capital Partners LLC and Goldman Sachs BDC Inc (GSBD).

The transaction was completed on Tuesday, Conergy said in a press statement, without disclosing the value of the deal.

Conergy Asia & ME has served as the engineering, procurement and construction (EPC) contractor and operations and maintenance (O&M) service provider for roughly 500 MW of solar plants in Asia Pacific. The company is based in Singapore and operates in Japan, Australia, Thailand, the Philippines, Myanmar and Germany.

CEO Alexander Lenz said that the extensive experience and access to capital of the new owners will beef up the firm’s financial position, enhance its capabilities and help it expand in Australia, the emerging markets of Southeast Asia and Japan.

GSBD is a speciality finance company managed by Goldman Sachs Asset Management (GSAM). The firm usually invests in middle-market businesses based in the US.

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