TPG to invest $150m in solar energy firm
TPG Capital may invest up to HK$1.2 billion ($150 million) for an approximate 21% stake in solar wafer manufacturer Comtec Solar Systems Group, marking the PE firm’s first foray into China’s solar-energy segment.
TPG has agreed to first buy HK$780 million ($100 million) of newly issued convertible bonds in the company, with the option to buy convertible warrants for HK$390 million ($50 million). If these options are exercised, TPG will have invested nearly $HK1.2 billion for a 21% significant minority stake.
Founded in 1999, Shanghai-based Comtec focuses on the design, development, manufacture and marketing of solar wafers. According to the companies, TPG's newly injected capital will be used to expand Comtec's production capacity.
"Comtec is our first China-based solar investment, and we are confident in Comtec's ability to expand successfully," Stephen Peel, Managing Partner of TPG Asia, said in a release. Vice President of TPG Donald Huang added that, "Comtec, with leading positions in technology, conversion efficiency and cost, is one of the strongest players in the sector."
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