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Conergy AG

euro adhoc: Conergy AG
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Sale of the "Conergy Wind" division to Warburg Pincus

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Contracts

09.09.2008

Conergy AG has sold its wind turbine generator business "Conergy Wind" to Warburg Pincus, the global growth investor. With this divestment, the company executes a further step in the reorganization process to become a focused provider of downstream photovoltaic products and services. The sale will result in a one-time, largely non-cash write-off of approximately EUR 35 million from "discontinued operations". The transaction is subject to the approval of the responsible competition authorities as well as certain other conditions, whose fulfilment is not assured. The parties have agreed to not disclose the purchase price.

As part of the restructuring program, the Executive Board had identified a range of businesses as non-strategic - and had decided to discontinue them in the future. "Conergy Wind" was part of these discontinued operations. Through Conergy Wind, the company had developed and launched production and sale of the PowerWind 56, a 900kW wind turbine generator. After intense negotiations with several parties, Warburg Pincus, the global growth financer, was selected, who will acquire the entire business operations of Conergy Wind, including development, sales, and the production facility at Bremerhaven. All 64 jobs will be transferred to the acquiring entity and will be kept.

The sale will result in a one-time, largely non-cash write-off of approximately EUR 35 million from "discontinued operations". However, the continued development of the wind turbine operations would have bound significant liquidity of Conergy AG, as it had in the past, which now becomes available. Through the transaction Conergy thus increases its flexibility and gains additional headroom for the expansion of its downstream photovoltaic business.

Disclaimer

This communication is neither a prospectus nor does it constitute an offer to sell or the solicitation of an offer to purchase the shares or other securities of Conergy AG and it does not substitute the prospectus. Subject to the approval by the German Financial Supervisory Authority a securities prospectus will be published prior to the offer period and made available free of charge by Conergy AG and the coordinators. The shares will be offered exclusively on the basis of the prospectus required to be approved by the German Financial Supervisory Authority.

This communication is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Any public offering of securities to be made in the United States of America will be made by means of a prospectus that may be obtained from Conergy AG and that will contain detailed information about the company and management, as well as financial statements. Conergy AG does not intend to register any part of the offering in the United States.

The information contained in this communication is not for publication or distribution in or into the United States of America, Canada, Australia or Japan and does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan.

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ots Originaltext: Conergy AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Christoph Marx
Tel.: +49 (0)40 27142-1634
Email: c.marx@conergy.de

Branche: Energy
ISIN:      DE0006040025
WKN:        604002
Index:    Midcap Market Index, TecDAX, CDAX, HDAX, Prime All Share,
              Technologie All Share
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Düsseldorf / free trade
              Börse Hannover / free trade



Weitere Meldungen: Conergy AG

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