News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/tpg-takes-150m-stake-in-chinese-solar-company.html

US private equity firm TPG is to invest HKD1.2bn ($150m) into Hong Kong-listed solar wafer maker Comtec Solar Systems, betting on the role of solar power in the fast-developing country’s energy mix.

The investment, which is TPG’s first in the Chinese solar sector, takes the form of HKD780m in newly-issued convertible bonds and up to HKD390m in warrants, in exchange for 21 per cent of Comtec’s issued share capital.
Founded in 1999, Comtec Solar is the largest monocrystalline solar ingot and wafer manufacturer in China, supplying the bulk of its products to solar cell manufacturers
The convertible bonds, which come due in 2016, are zero interest, and will be convertible into Comtec ordinary shares at HKD3.90 per ordinary share, or at par if not converted after five years.
TPG Asia partner Stephen Peel said, ‘The investment in Comtec is consistent with TPG’s strategy of collaborating with high quality companies in China. Comtec is our first China-based solar investment.’
One of the world’s largest private equity firms, TPG is said to have sold a 4.5 per cent stake in itself to sovereign wealth funds the Kuwait Investment authority and the government of Singapore Investment Corporation earlier this month.