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.