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News > Private Equity > Deals

KNF takes 22% stake in SunErgy

Anna Lyudvig
April 26, 2019, 1:23 p.m.
470

Word count: 471

The German Investment and Asset Management company KGAL New Frontiers (KNF) has acquired a 22% share of SunErgy AS, a Norwegian company delivering innovative solar power infrastructure in emerging markets, through a private placement.

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The German Investment and Asset Management company KGAL New Frontiers (KNF) has acquired a 22% share of SunErgy AS, a Norwegian company delivering innovative solar power infrastructure in emerging markets, through a private placement.

Two of the members of the Management Board of KGAL, Chief Operation Officer Gert Waltenbauer and Chief Investment Officer Klaus Wolf, also concluded a parallel investment of 2%. 

Dr. Wolf will also join the SunErgy Board of Directors.

SunErgy AS supplies off-grid electricity to towns in emerging markets. 

It does this using small solar power plants that it ships in containers from Northern Europe; at their destination the power plants are then connected to houses using the company’s own network, via which they supply homes with power, as well as cable TV and internet access.

In May 2012, the company entered into a Protocol  Agreement with the Republic of Cameroon on providing 92 villages with some 115,000 families or 600,000 people, plus schools, health centers, private and public enterprises, etc. in the South West Region of Cameroon with solar power electricity through its subsidiary SunErgy Cameroon.

The KNF investment is intended to finance the company’s further growth. 

“In Cameroon, I saw for myself that an energy supply makes a decisive change to living conditions for people,” commented Klaus Wolf, Managing Director of KGAL New Frontiers, adding that he and the company are keen to support development and drive progress.

The goal is for SunErgy to become one of the leading providers of off-grid power supply within eight years, during which time it plans to primarily be active in Cameroon, with an outlook to further expand into West Africa. 

Eight solar power plants are set to be commissioned this year.

“The money from KGAL will be used for continued expansion. Our goal is to have one million users within eight years and be one of the leading off-grid solar energy companies in Africa. So far, focus has been on Cameroon with the intention to expand into a couple of more countries, preferably in West Africa,” said Alf Bjørset, Chairman of the SunErgy’s Board of Directors and one of the main shareholders.

The business purpose of KGAL New Frontiers, founded in 2018 as a wholly-owned subsidiary of KGAL GmbH & Co. KG, is to open up new regions and investment-related topics. 

The goal is to first secure high-yield investments quickly and flexibly, and, provided that the test phase is successful, to subsequently also offer them to institutional investors. 

The KGAL Group is an independent investment and asset manager with €20.5bn AUM. 

The investments focus on long-term capital investments for institutional and private investors in the real estate, infrastructure and aviation asset classes. 

The Group, founded more than 50 years ago, operates across Europe and has its registered office in Grünwald, Germany.

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