Goldman Sachs BDC tacks $15m onto solar company line

Conergy’s original credit facility was arranged last year by Deutsche Bank with $60m in funding from Tennenbaum Capital Partners.

Solar company Conergy has increased its $60 million credit facility by $15 million using capital from the Goldman Sachs BDC (GSBD). Conergy will use the new $75 million line as collateral to finance growth in its global downstream solar business and specifically to fund large projects, the company said in a statement.

The original $60 million credit financing was arranged in July 2014 by Tannenbaum Capital Partners and guaranteed by Deutsche Bank. In the past year, Conergy used more than half of the original facility for two of its largest installations: output guarantees for a 37 megawatt project in the UK and performance guarantees for a 50 megawatt project in the Philippines

“The support from Goldman Sachs BDC 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,” Andrew de Pass, chief executive of Conergy, said in a statement.

Brendan McGovern, chief executive of the Goldman Sachs BDC, commented: “This loan, in conjunction with capital from our co-lenders, will help facilitate Conergy's continued growth and expansion.”

Conergy specializes 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 contributed to the expansion of solar power globally. Conergy is privately held and majority-owned by Miami-based asset management firm Kawa Capital Management.

Alternative investment firm TCP focuses on performing credit and special situations in the mid-market. The firm is based in Santa Monica, California. Since its founding in 1999, TCP has invested $15 billion in 390 portfolio companies.

GSBD listed six million shares at $20 per share on the New York Stock Exchange in March this year. The vehicle has been performing well since, scoring high marks from analysts and trading above book value. It closed at $20.16 per share yesterday (16 September). GSBD had about $1.05 billion in assets as of 30 June.