The German Investment and Asset Management company KGAL has taken a twenty percent ownership position in SunErgy through a private placement. With an option to increase their ownership.
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 two percent. Dr. Wolf will also join the SunErgy Board of Directors.
“We are very pleased for KGAL to join us,” says Chairman of the Board of Directors and one of the main shareholders, Alf Bjørseth, who continues “KGAL is an investment firm with twenty billion EUR under management. They are active in real estate, airplane leasing and renewable energy, owning several solar parks in Europe. They have been studying the potential of the off-grid solar market and solar energy companies being active in Africa for some time. We are proud that they finally selected us.”
“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,” Bjørseth concludes.
As previously informed, eight solar power stations will be opened this year, giving electricity to more than 20 000 people. In addition, we will deliver solar power electricity to mobile companies for operating their mobile towers, minor private and public enterprises, schools and health centers.
The African off-grid market is enormous. We are all set to go. We have built the infrastructure, made all agreements necessary and tested the equipment. The first four villages have been up and running for some time. Everything works as planned and we are, together with our 42 colleagues in SunErgy Cameroon, not only ready to roll out; we are going full steam ahead”.