Thursday, June 7, 2012

Conergy Wins 60-70 Mln Euros For Pakistan Solar Plant

German solar company Conergy has won 60-70 million euros ($74-87 million) in investments as part of an order from U.S.-based alternative energy firm DACC Global to build a 50 megawatt (MW) solar power plant in Pakistan.

Conergy said on Monday the plant - to be the largest solar plant in Pakistan - would be built jointly with Hong Kong-based project developer Ensunt Holdings. Conergy will be in charge of the overall planning, engineering and design of the solar park.

"This project is another step forward in our interesting project pipeline for 2012. It underlines the relevance of the Asian solar markets, their growth potential and further reflects Conergy's excellent market access, global footprint and ambitions in Asia," Conergy Chief Executive Philip Comberg said.

Total investments for the park are expected to reach about $170-190 million, Conergy said.

The group was saved by hedge funds in early 2011 through a debt-for-equity swap, ending years of financing troubles for the company, once Germany's largest solar player.

It posted a loss after tax of 162 million euros in 2011.

The solar sector has come under intense pressure from fierce competition from Asian rivals, overcapacity and falling government subsidies for solar power, driving some players out of business, including German groups such as Solon and Q-Cells.

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