US clean energy investor reaches pact to take HK-based Sky Solar private

Hong Kong-based, NASDAQ-listed solar power producer Sky Solar Holdings has finalised a privatisation deal with US clean energy investment firm Hudson Sustainable Investments.

The US asset manager said in a regulatory filing that it has reached an agreement on November 14 to acquire ordinary shares and American depositary shares of Sky Solar from IDG-Accel China Capital LP and IDG-Accel China Capital Investors LP for an aggregate sum of almost $25.5 million.

Hudson currently holds 24.3 per cent of the solar firm.

It also announced that an affiliate, named Hudson Global Finance DE II, and Japan NK Investment will contribute or sell their stakes in Sky Solar to Fusion-Lynx Holdings, which will result in the latter taking full control of the company and taking it private.

Japan NK Investment last month completed the acquisition of a 36.3 per cent interest in Sky Solar.

On November 7, Sky Solar announced a settlement with Hudson with regard to a lawsuit by the American investment firm, following which Hudson agreed to dismiss its lawsuit and convert outstanding amounts of the notes issued to it into equity interests in certain project companies owned by Sky Solar in the US, Uruguay, Chile, Czech Republic and Japan. Sky Solar further agreed to Hudson’s purchasing additional equity interests in some of those project companies.

Sky Solar develops and owns solar parks across Asia, South America, Europe and North America. It operated 211 MW of solar parks as of the end of 2018.

The company was established in 2009, secured a first venture capital funding round a year later and completed its New York IPO in 2014. Sky Solar is chaired by Hao Wu, former managing partner and CEO of Sino-Century China Private Equity Partners.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.