Norton Rose Fulbright has advised the Chinese solar module manufacturer Astronergy on the acquisition of the production site of Conergy SolarModule GmbH & Co. KG in Frankfurt/Oder (Eastern Germany) in the scope of an asset deal. The purchase agreement was signed on December 12, 2013.

Conergy AG entered into administration in July this year; parts of the company were sold shortly after. The subsidiaries Conergy Solar-Module in Frankfurt/Oder and Mounting Systems in the Eastern German state of Brandenburg were filed for insolvency separately. For Mounting Systems, the search for an investor is continuing.

Conergy AG is a listed solar company headquartered in Hamburg. As a developer and system manufacturer, it produces solar modules, inverters, mounting systems and monitoring systems at three locations in Germany. The distribution companies Conergy Vertriebs- und Servicegesellschaften were acquired by US asset manager Kawa Capital in the third quarter of 2013.

Astronergy is one of the leading companies in research, development and manufacturing of high-efficiency solar modules and thin film modules. Astronergy is also a renowned producer of mono- and polycrystalline photovoltaic modules.

Klaus Bader, head of the Munich corporate team as well as head of the China Desk at Norton Rose Fulbright in Germany, commented:

“We are delighted to announce that with the acquisition of the Conergy production plant in Frankfurt/Oder by Astronergy another distressed German company within the solar sector could be saved by a Chinese investor, and that more than 200 jobs were therefore safeguarded in Frankfurt/Oder.”

Following the sale of the AWECO business operations to the Chinese Zheijang Sanhua group and the sale of Buderus Feinguss to the Chinese precision casting group Impro Precision Industries Limited, this transaction represents the third German-Chinese transaction successfully completed by the team led by Klaus Bader in 2013.

The team acting for Astronergy was led by Klaus Bader (partner, corporate/M&A), assisted by Cornelia Marquardt (partner, employment law) and Maren Stölting (partner, real estate), with support from Nicolas Daamen, Florian Prechtl, Raphael Won-Pil Suh (all corporate/M&A), Michael Heim (corporate/insolvency law) and Annegret Müller-Mundt (employment law), Matthias Nordmann (antitrust and competition), all Munich.

Conergy was advised by White & Case.