Conergy in €243 million IPO

March 21, 2005

Cleary Gottlieb represented Deutsche Bank and Commerzbank as joint-lead managers and joint bookrunners in the initial public offering of Conergy AG.  Deutsche Bank also served as sole global coordinator for the transaction.  The IPO was conducted through a public offering in Germany and a simultaneous international private placement to institutional investors outside the United States.  The transaction marked the first time in Germany that the roadshow for institutional investors was not coupled with the public offering.  The €243 million IPO of 4.5 million ordinary bearer shares (including a 550,000 share greenshoe option) lasted just three days.

Conergy develops, produces and distributes selected system components and complete systems in the areas of photovoltaic and solar thermal (solar-generated heat) energy.