Conergy's Tennenbaum Capital-Led Bank Guarantee Facility Upsized to $75 Million with Funding from Goldman Sachs BDC, Inc.
MIAMI and NEW YORK, Sept. 15, 2015 /PRNewswire/ -- Conergy, one of the largest and most experienced downstream solar companies operating globally, today announced that it has increased its Tennenbaum-led bank guarantee facility to $75 million with funding from Goldman Sachs BDC, Inc. The increase will be used as collateral to finance Conergy's rapidly growing global solar business and specifically to fund its large solar projects in four stages; bidding, pre-construction, construction and output.
"The support from Goldman Sachs BDC, Inc. as well as Tennenbaum Capital Partners and Deutsche Bank, helps Conergy execute its global growth plan in solar power projects and affirms its position as one of the most bankable global downstream companies in the solar industry," said Andrew de Pass, CEO of Conergy.
Goldman Sachs BDC, Inc. provided additional funding to Conergy's existing bank guarantee facility, which was arranged by Deutsche Bank in July 2014 with initial capital of $60M from Tennenbaum Capital Partners (TCP). In the past year, Conergy utilized over half of the original facility, including for two of its largest installations: output guarantees for a 37 MW project in the United Kingdom and performance guarantees for a 50 MW project in the Philippines.
"We are pleased to partner with Conergy, a leader in solar project development and construction." said Brendan McGovern, CEO of Goldman Sachs BDC, Inc. "This loan, in conjunction with capital from our co-lenders, will help facilitate Conergy's continued growth and expansion."
"We are pleased to have Goldman Sachs BDC, Inc. partner with us in supporting Conergy's global solar business," said Timothy Gravely, Managing Director of Tennenbaum Capital Partners. "Our upsized bank guarantee facility is a testament to the increased demand Conergy is seeing for its services in a number of different countries around the world."
Conergy's global solar operations span five continents. The company has installed over one GW of solar, enough to power approximately 300,000 homes.
About Conergy
Conergy is one of the world's largest downstream solar companies, specializing in the design, finance, build and operation of high-performance solar systems for homes, business, and utilities around the world. Founded in 1998, the company has pioneered the expansion of solar power globally and, today, combines industry-leading solar PV experience with access to capital across five continents. Conergy is privately held and majority-owned by Miami-based asset management firm Kawa Capital Management, Inc. For more information, visit www.conergy.com.
About Goldman Sachs BDC, Inc.
Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company was formed by The Goldman Sachs Group, Inc. ("Goldman Sachs") to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. Goldman Sachs BDC, Inc. seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm focused on performing credit and special situations for middle-market companies. TCP manages funds and accounts on behalf of global institutional investors. It also manages a publicly-traded business development company, TCP Capital Corp (NASDAQ: TCPC). Since its founding, TCP has invested more than $15.5 billion in over 400 companies. TCP is headquartered in Los Angeles with additional offices in New York and San Francisco. For more information, please visit: www.tennenbaumcapital.com and www.tcpcapital.com.
CONTACT:
Katie Ullmann
1-617-529-8039
[email protected]
SOURCE Conergy
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