Comtec in HK$611m share agreement
Solar manufacturer Comtec's shares have fallen more than 7% today as the firm entered into a subscription agreement to sell almost 930 million shares, raising some HK$611 million ($78.7 million).
The firm entered into the deal with Hong Kong-based investment holding company GF Holdings and the chairman of Henan Wanzhong, which focuses on natural gas, real estate and financial investment. GF Holdings is owned by Surrich International, China First Capital and New Citic.
The shares will be offered at HK$0.66 each, representing a 5% discount to the average closing price over the 30 previous trading days, and a 20.48% discount on the closing price on 8 January. At the time of writing, Comtec's shares were trading at HK$0.77 – down 7% since trading opened. They are up nearly 12% over five days, but have slumped more than 20% over the past year.
Proceeds will be used to "expand into [the] downstream solar power business and explore opportunities to integrate with [the] existing upstream solar business of the group", Comtec said in a statement.
Invenergy bags financing for 120MW wind farm
US renewables developer Invenergy has reached financial close on a 120MW wind farm, securing a debt and equity project financing package with Rabobank.
The privately-owned firm did not disclose the value of the deal. It will fund the completion of the Gunsight Wind Energy Centre in Texas, which is currently under construction and slated for operation in June.
In October, Invenergy announced a project financing package for another wind site, this time in Scotland.
Impax increases AUM by 9.2% to £3.08bn
Impax Asset Management increased its total assets under management (AUM) by 9.2% to £3.08 billion ($4.5 billion) the last quarter of 2015.
The UK-based environmentally-themed asset manager increased its AUM in Q4 by £260 million, including £28 million in net inflows.
In September the company recorded a 69% growth in profits.
Solar sector took investment hit in 2015, report reveals
Private investment in the solar sector fell 4.5% in 2015, according to a report by Mercom Capital Group.
The analysis firm said corporate funding – from venture capital, public markets and debt financing – hit $25.3 billion in 2015. This was down from $26.6 billion the year before.
Venture capital investment saw a major drop of 22%, reaching $1.1 billion, according to the report. The biggest venture capital-funded companies were Sunnova Energy, which raised $300 million, Silicor Materials, which raised $105 million and Sunlight Financial, which raised $80 million.
£75m Scottish wind farm halted over UK subsidy uncertainty
Eneco UK has halted plans to build a £75 million ($109 million) wind farm in Scotland because of "uncertainty" over the new subsidy regime being phased in across the UK.
Contracts for Difference (CfDs) will replace Renewables Obligation Certificates in the country, but there has been some confusion about the rules of the new regime, and whether smaller developers will be able to compete with larger ones under the 'reverse auctioning' model it employs.
In a statement, the company said it had withdrawn from the project "due to the continued uncertainty of the CfD regime. We would like to emphasise that this decision is not related to the planning or environmental situation".
Indonesia to get corporate body to boost renewables, say reports
The Indonesian Government is reportedly readying itself for the launch of a corporate body dedicated to developing clean energy in the country.
Local media outlets claim that a company will be established to develop renewables in parts of Indonesia, using a government-backed subsidy programme to boost the growth of the sector.
According to the reports, the Minister for Energy and Mineral Resources, Sudirman Said, said that the government was still deciding on what form the body would take, adding that it may be a subsidiary of the state electricity company PT Perusahaan Listrik Negara.