Conergy sells solar thermal plant in Austria

FRANKFURT, March 4 (Reuters) - Solar energy group Conergy CGYG.DE sold its solar thermal production plant in Austria on Tuesday, as it strips off non-core activities in a broader restructuring after running into financing problems last year.

Conergy sold the Austrian plant in Althofen, where it produced solar thermal collectors, in a management buyout to David Klemen, who was previously manager of production and development at the plant.

The company declined to give any details on the pricing.

In February, Conergy sold its solar thermal activities in Belgium and the Netherlands and it said further sales were to follow.

In a move to divest its bioenergy and solar thermal activities, Conergy is also looking for an investor for its wind turbine production.

Last October, Conergy first warned investors it expected to post a net loss for 2007.

Further profit warnings followed, resulting in a radical restructuring programme, selling non-core units, slashing jobs, and replacing its chief executive.

Conergy is in the middle of raising 250 million euros ($379.2 million) of fresh capital to help repay a new loan and already has strong backing from major investors. (Reporting by Eva Kuehnen; Editing by Erica Billingham)