Conergy gets loan extension

Solar manufacturer Conergy AG has reached an agreement with its financing banks to extend its loans to the end of 2011.

The loan was due on 31 July 2010. In addition, the parties have agreed to postpone payments of the three remaining instalments of the term loan, also to the end of 2011. Conergy says this will enable it to realise its targets, and the solar company expects to return to an annual operating profit again this year.

Together with the extension, the consortium of banks and the Conergy Management Board have agreed to assign an auditing company to carry out an independent business review.

“Conergy is back on track and we, just like our partner banks, are interested in working with a balance sheet structure which ensures a long-term, stable future for the company. If, in the opinion of the auditor, there is a necessity to strengthen our financing structure, we will take appropriate steps,” says CEO Dieter Ammer.

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity