Shunfeng International Clean Energy will pay $263 million for a 59 per cent stake in Lattice Power. Other investors who are part of the sellers’ group include, an entity affiliated with Crescent HydePark, GO Scale Capital, which is an investment fund sponsored by GSR Ventures, Mayfield Fund, as well as GSR Ventures, according to a report in China Money Network.
“Shunfeng International will issue 392 million newly issued shares at HK$5.20 per share to the sellers. The new shares represents approximately 12.73 per cent of the existing share capital of the company, and 11.29 per cent of the enlarged share capital,” the report in China Money Network added.
But the filing does not indicate how much stake each of the sellers will be selling as part of this deal.
Post that, Lattice Power raised two more rounds, the latest being an $80 million Series D financing last year, led by Asia Pacific Resources Development Investment.
In 2010, in a Series C round, it had raised $55 million from GSR Ventures, the International Finance Corporation, HydePark and AJIA Partners.
The company was launched in 2006 and shortly afterward, it had it got its first investment, and the $10 million Series A financing round witnessed participation from GSR Ventures, Mayfield Fund, and AsiaVest Partners.