Chinese investor Sun Da has paid almost HK$10.5 million (US$1.35 million) for a 14.3% slice of solar manufacturer and lithium-ion battery storage company Comtec Solar.
The move by Da – described as “an experienced investor mainly focused on [the] infrastructure, new energy, environmental protection and technology sectors” by Comtec – was made on Tuesday and reported to the Hong Kong exchange where the company is listed this morning.
The injection of cash will raise a net HK$10.3 million for Comtec, which announced in September it would move away from solar manufacturing to focus on its PV project sales, lithium battery energy storage and electric vehicle operations. The company said at the time it would listen to offers for its manufacturing facilities in Shanghai and Haian.
The acquisition means Da will be Comtec’s second biggest shareholder behind founder John Yi Zhang, who holds a 21.3% stake in the business.
Elsewhere on the exchange, bailed-out solar developer Singyes on Friday announced 200 MW of solar project engineering, procurement and construction wins worth an estimated RMB800 million (US$115 million) and related to plants in “Guangdong, Shaanxi, Guizhou etc”.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.