Solar company confirms commitment to Australia

Tuesday, 25 November, 2008

Conergy has confirmed its commitment to the solar industry with the announcement of a $780 million fully underwritten capital issue of shares, out of Hamburg and confirmation of strong growth of global sales revenue to the end of Q3 of its financial year.

The announcement confirms Conergy as a major player in the global solar market, particularly in Australia, and reaffirms its position as a strong company that has been able to raise capital even in a difficult economic climate.

"Conergy is absolutely committed to growing the renewable energy industry in Australia," Rodger Meads, Conergy's managing director, said.

"This long-term commitment does, however, need the long-term commitment of the Australian government to assist to grow our industry, just as they are assisting the coal and other critical industries such as the car industry. They may be in financial difficulties but our industry is still growing," Meads said.

"In light of BP Solar's recent restructuring announcement, Conergy is concerned the market may perceive there to be a decline of services offered in Australia ... to shift manufacturing offshore may overshadow the future growth possibilities, which we still believe are massive within the Australian sector.

"We believe government policy has a major role to play in helping emerging industries and Conergy is working together with state and federal governments to develop solutions to further grow Australia's renewable energy industry," Meads said.

"There is still no sign of the federal government's promised expanded MRET being legislated, the ETS design is not finalised and the election commitment of a national feed-in tariff has not even made it to the discussion table.

"The government needs to commit to their green credentials as promised 12 months ago to ensure Australia retains a viable renewable energy industry to support the immediate realisation of real climate change infrastructure in Australia. In addition, a viable renewable industry will provide longer term economic benefits to the nation as an exporter in this growing market."


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