Conergy AG has today completed the sale of its wind turbine generator business "Conergy Wind" to Warburg Pincus, the global growth investor. Warburg Pincus will take ownership of all of the business operations of Conergy Wind, including development and sales of the “Powerwind 56”, a 900 KW turbine and the production facility at Bremerhaven with immediate effect.
The transaction was intended to be completed in early September 2008 and was temporarily delayed when the authorities of the federal state of Bremen declined to transfer the public grants that were originally advised and partially granted to Conergy to Warburg Pincus. Conergy has now agreed to compensate Warburg Pincus for the cancelled public grants and the transaction has therefore been completed today. With this transaction, the company has completed one of the last, important steps in its restructuring process.
Conergy CEO Dieter Ammer: “The intense negotiations have paid off. We are pleased that we were in the end able to come to an agreement with Warburg Pincus. We can therefore transfer the 70 jobs to Warburg Pincus and offer the business “Conergy Wind” a new future with Warburg Pincus.
About Conergy
Hamburg based Conergy AG is one of the biggest European suppliers of renewable energy systems. Conergy develops, produces and trades all components necessary for operating solar plants. Conergy is a world leader in solar energy system integration; it develops, finances, installs and operates solar systems in more than 20 countries on five continents. In addition, the company develops, finances and operates wind farms and bio-energy plants as well as concentrating solar power plants. Since its foundation in 1998 the Group has sold more than one gigawatt of renewable energy. Since 2005 Conergy AG is listed on the Frankfurt Stock Exchange. The company employs 1,800 people. For further information please visit www.conergy.de.
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971, with currently more than $35 billion of assets under management. The firm has raised twelve private equity funds that have invested more than $29 billion in over 600 companies across more than 30 countries in North America, Europe and Asia. Warburg Pincus has invested over $3 billion in more than 30 companies focused on the energy-sector worldwide. These companies are active in areas such as oil & gas exploration, power generation, and renewable energy, including both project development as well as industrial manufacturing.Warburg Pincus is an experienced partner supporting entrepreneurs in creating value by building successful and significant enterprises.The firm has more than 125 active portfolio companies that it works with through its offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information, please visit www.warburgpincus.com.
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DISCLAIMER:
This communication is neither a prospectus nor does it constitute an offer to sell or the solicitation of an offer to purchase the shares or other securities of Conergy AG and it does not substitute the prospectus. Subject to the approval by the German Financial Supervisory Authority a securities prospectus will be published prior to the offer period and made available free of charge by Conergy AG and the coordinators. The shares will be offered exclusively on the basis of the prospectus required to be approved by the German Financial Supervisory Authority.
This communication is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”).Any public offering of securities to be made in the United States of America will be made by means of a prospectus that may be obtained from Conergy AG and that will contain detailed information about the company and management, as well as financial statements. Conergy AG does not intend to register any part of the offering in the United States.
The information contained in this communication is not for publication or distribution in or into the United States of America, Canada, Australia or Japan and does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan.
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