ABN Amro Capital, the private equity arm of the Dutch bank, has backed the €27m ($24m) management buy-out of Stefan Nau, the German manufacturer of solar panel systems, in order to cash in on European Union subsidies in the renewable energy sector.

The deal is a leveraged buy-out, with ABN Amro Capital providing between 30% and 35% equity. Bank of Scotland provided debt and mezzanine financing.