Conergy negotiates with potential investors

Germany’s insolvent solar group Conergy AG is currently in talks with seven potential investors from Asia and Europe over the takeover of its module production facility Conergy SolarModule in Frankfurt an der Oder, Germany. According to the company the negotiations are proceeding well and the investors have displayed interest in the acquisition of the factory. This information was communicated to employees by preliminary insolvency administrator Sven-Holger Undritz at a meeting yesterday evening.

Just yesterday pv magazine reported that Kawa Capital Management will be taking over Conergy sales and service units in Germany, Italy, the U.K. and Australia thus securing 350 jobs. The fate of Conergy SolarModule was still unclear then, but now with investment negotiations expected to be completed by end of October, the company is confident of a solution for its Frankfurt Oder facility.

Decision on staff expected next week

Some investors have already made indicative offers and Conergy is expecting further offers to be submitted. Undritz added, "Based on the current order situation we will continue business operations in October." Back in July Conergy was forced to halt production at its module factory in Frankfurt Oder, but the company according to Undritz was keen on restarting production to quickly process the backlog of orders.

Conergy employees’ wages have been secured the last three months via insolvency payments since the company filed for insolvency beginning of July this year.

These payments will effectively end once October begins as the disbursement period is subject to three months only. Hence another key point currently discussed is whether business operations will continue with only part of the staff. The decision on whether any staff will be let go in Frankfurt Oder is expected to fall by September, 30 next week.

Managing Director of Conergy SolarModule Sven K. Starke is confident though of the outcome. "I am very confident that our module production will play an important role for the solar industry in the future. The course of negotiations as well as the feedback of the interested parties and our customers are confirming this repeatedly. This is our motivation to keep fighting in order to offer an attractive furture perspective to our employees and the region," he added.