Conergy Asia Pacific


Headquartered in Singapore, Conergy specializes in the development, design, finance, build and long-term asset management of commercial, industrial and utility-scale solar power systems. Conergy has served as the EPC contractor and O&M service provider for approximately a half gigawatt of solar plants. Since its founding, Conergy has installed almost 2 gigawatts of capacity globally. The Company has operations in Japan, Australia, Thailand, the Philippines, Myanmar and Germany.

The Company was acquired in August 2017 by  “certain funds managed by Tennenbaum Capital Partners, LLC (“TCP”) and Goldman Sachs BDC, Inc. (“GSBD”). The principals made the following comments at the time:

Alexander Lenz, Chief Executive Officer of Conergy said, “This transaction brings tremendous value to our business, our employees and our customers. Over the past few years, Conergy has built leading positions in the Asia Pacific market, creating a formidable and highly competitive organization with excellent growth prospects. TCP’s and GSBD’s extensive experience and access to capital will strengthen Conergy’s financial position, enhance our capabilities, and allow us to pursue new business opportunities in the region and execute our plans for growth in Australia, the emerging markets of Southeast Asia and Japan.”

Marc Lohoff, Chief Operating Officer of Conergy added, “I am confident that our supply and construction partners will share my enthusiasm for our new equity investors. Their investment reinforces our competitive position as a premier solar downstream player in the Asia Pacific market, and further strengthens Conergy’s long-term position as a leader in solar project development/finance, construction and operations.”

Rajneesh Vig, Managing Partner of Tennenbaum Capital Partners, noted that “This acquisition offers us and GSBD a unique opportunity to work closely with one of the industry’s most experienced solar firms and to participate in the Asia Pacific market – one of the most attractive solar markets in the world today. We look forward to the Company’s continued success.”

BDC Credit Reporter View

4/16/2018: At 12/31/2017, GSBD and TCPC both had small debt and larger equity positions in the Company, with total exposure of $15.2mn. The debt was valued at par, but  equity stakes were marked on the spectrum from a small  at a deep premium to par to a deep discount. The equity valuations at both BDCs were slightly lower than in the IIIQ 2017, which explains why we have the investment trend as down.