US private equity firm TPG Capital is set to make its first investment in China’s solar power industry after agreeing a deal to pay up to HK$1.17 billion $150 million for a maximum 21.6% stake in Comtec Solar Systems Group.
The deal gives TPG an interest in one of China’s most promising growth industries. Comtec makes monocrystalline solar ingots and high-quality wafers in Shanghai, and sells most of its products to solar-cell manufacturers. The company was founded in 1999 and started making wafers in 2004.
TPG is making its investment through convertible bonds with warrants in Comtec. The convertible bonds have a face value of HK...
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