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 (E)

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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.

Further inquiry note:
Christoph Marx
Tel.: +49 (0)40 27142-1634
Email: investor@conergy.de

end of announcement euro adhoc
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emitter: Conergy AG
Anckelmannsplatz 1
D-20537 Hamburg
phone: +49 (0)40 27142-1000
FAX: +49 (0)40 27142-1100
mail: info@conergy.de
WWW: http://www.conergy.de
sector: Energy
ISIN: DE0006040025
indexes: Midcap Market Index, TecDAX, CDAX, HDAX, Prime All Share,
Technologie All Share
stockmarkets: regulated dealing/prime standard: Börse Frankfurt, free trade:
Börse Berlin, Börse Hamburg, Börse Düsseldorf, Börse Hannover
language: English

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