Sky Solar shareholders agree on going-private plan

Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic

November 27 (Renewables Now) - US asset manager Hudson Sustainable Investments LLC announced on Tuesday it has entered into agreements with other shareholders to take Hong Kong-based solar power producer Sky Solar Holdings Ltd (NASDAQ:SKYS) private.

According to a filing by Hudson, a firm associated with it signed a deal on November 14 to acquire 81,949,906 ordinary shares and one million American depositary shares (ADSs) of Sky Solar from IDG-Accel China Capital LP and IDG-Accel China Capital Investors LP for an aggregate purchase price of about USD 25.5 million (EUR 23m).

Also on that day, the above-mentioned firm, called Hudson Global Finance DE II LLC (HGF DE II), entered into a shareholders agreement with Japan NK Investment KK and Fusion-Lynx Holdings with respect to Sky Solar. Under the terms of that deal, HGF DE II and Japan NK Investment will contribute or sell their stakes in the solar power company to Fusion-Lynx Holdings. The latter will then proceed with taking full control of Sky Solar and delisting it from the bourse.

At the end of last month, Japan NK Investment completed the purchase of 152.1 million Sky Solar ordinary shares, including such represented by ADSs, corresponding to a stake of 36.3%.

Sky Solar develops, owns, and operates solar parks in Asia, South America, Europe and North America. It owned and operated 211 MW of plants as at the end of 2018.

(USD 1.0 = EUR 0.908)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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