Conergy secures $75-M credit line

Conergy increased its bank credit line to $75 million with funding from Goldman Sachs BDC, Inc. The solar energy developer’s new funds expand on a facility worth $60 million from Tennenbaum Capital Partners LLC, arranged by Deutsche Bank AG in July, 2014. Since then, Conergy used more than 50 percent of the funds for projects such as output guarantees for a 37-megawatt plant in the UK and performance guarantees for a 50-megawatt unit in the Philippines. The additional funds will be used as collateral to finance the Hamburg-based company’s “rapidly growing global solar business” by funding its large-scale projects throughout development, it said in a statement. Conergy is owned by Kawa Capital, a Miami-based asset management firm. The company has installed more than 1 gigawatt of solar power to date. (Bloomberg)