* Conergy filed for insolvency two weeks ago
* No details on transaction price
* Shares up 13 percent
FRANKFURT, July 19 U.S.-based investor Kawa
plans to buy most of Conergy AG's global sales
operations, the German solar group said on Friday, two weeks
after it filed for insolvency.
Kawa intends to acquire two of Conergy's German entities -
Conergy Deutschland GmbH and Conergy Services GmbH - as well as
subsidiaries in North America, Singapore, Thailand, Australia,
Spain, Italy, France, Greece, Cyprus and Britain.
Conergy said its production subsidiaries Mounting Systems
GmbH and Conergy SolarModule GmbH were not part of the
transaction, which is expected to be finalised in the next four
"We are excited about this potential transaction with
Conergy, a global leader in the downstream solar industry," said
Daniel Ades, managing partner at Kawa.
"The solar PV (photo voltaic) market is growing
exponentially as costs approach grid parity and Conergy is
uniquely positioned to capitalise on this opportunity globally."
The parties did not disclose the transaction price.
Sources previously told Reuters Conergy was close to
striking a deal with Kawa.
Once Europe's largest solar company, Conergy - along with
many of its Western peers - came under intense pressure from
plunging equipment prices in recent years, caused by a global
glut of solar panels and cells.
This has forced a large group of former sector heavyweights,
including Q-Cells and Solon, to file for
Conergy - whose shares were up 13 percent at 0752 GMT - had
sales of 473.5 million euros ($619.9 million) last year, but an
operating loss of 83 million.