euro adhoc: Conergy AG / Restructuring & Recapitalisations / Conergy announces equity issue to strength its balance sheet / Dieter Ammer confirmed as CEO for the next two years

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
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17.07.2008

Conergy announces equity issue to strength its balance sheet / Dieter
Ammer confirmed as CEO for the next two years

Hamburg, July 17, 2008 - The Hamburg based solar enterprise Conergy
AG invites shareholders to its annual general meeting, to be held in
Hamburg on August 28, 2008. The board will seek shareholder approval
for a capital increase with subscription rights for existing
shareholders with expected gross proceeds of approximately EUR450
million. The subscription ratio and price will be determined shortly
prior to the start of the transaction on the basis of prevailing
market conditions. Credit Suisse and Dresdner Kleinwort have been
mandated to assist the company in preparing the envisaged capital
increase which is currently intended to be structured as a fully
underwritten discounted rights offering. Conergy will announce
further details of the proposed capital increase in the context of
the invitation to the annual general meeting to be published in the
elektronischer Bundesanzeiger.

Part of the total volume in the amount of approximately EUR450
million have already been subscribed by two family offices: Leemaster
Ltd., held by Dr. Otto Happel, a current major shareholder of Conergy
AG, and Athos Service GmbH, held by the Strüngmann family, have
committed to invest a volume of EUR125 million in the capital
increase for the subscription of new shares. Conergy's other major
shareholders, Hans-Martin Rüter, Grazia Equity GmbH, 5r Private
Equity KG and CEO Dieter Ammer, have all indicated their willingness
to support the capital increase, and to partially exercise their
subscription rights.

Conergy will use the proceeds of the capital increase to pay back the
bridge financing of EUR240 million and to finance the planned
instalments for the repayment of the syndicated loan as well as to
finance the ongoing restructuring programme and the planned growth of
the business in 2009 and 2010.

In addition, the Supervisory Board has appointed Dieter Ammer, the
co-founder of Conergy and current interim CEO, as CEO of the company
for the next two years, effective August 1, 2008. Accordingly, Dieter
Ammer has today resigned from his post at the supervisory board,
which had been inactive since his appointment as interim CEO,
effective July 31 2008. The Supervisory Board will propose Mr. John
Jetter, financial expert and German former chief executive officer of
Investmentbank JPMorgan AG, as his successor to the annual general
meeting.

___________________________

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.

end of announcement euro adhoc
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ots Originaltext: Conergy AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Christoph Marx

Tel.: +49 (0)40 27142-1634

Email: investor@conergy.de

Branche: Energy
ISIN: DE0006040025
WKN: 604002
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