TPG Capital commits to strategic investment of over US$150 million in Comtec Solar Systems

Facebook
Twitter
LinkedIn
Reddit
Email

Under a new agreement between TPG Capital and Comtec Solar Systems Group, TPG will invest a total of US$150 million through newly issued convertible bonds and warrants. TPG has subscribed for unsecured convertible bonds, which are due in 2016 with an aggregate principal of US$100 million. The bonds are zero interest and will be able to transfer into Comtec’s new ordinary shares at an initial conversion price of US$0.50 per ordinary share. If the bonds are not exchanged after five years, they will be redeemed at par.

Furthermore, under the agreement TPG will be allocated 95 million warrants with the ability to subscribe for one ordinary share each at an initial exercise price of US$0.53 per warrant. The warrants have a maturity date of five years, but if they are exercised in full, TPG will commit an added US$50.15 million for the receipt of 95 million new Comtec ordinary shares.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Overall, TPG’s investment totals US$150.4 million with 295 million in ordinary shares, which are equal to almost 21% of the complete enlarged issued share capital of Comtec, with the assumption that the bonds are fully converted and the warrants are entirely exercised.

Stephen Peel, managing partner of TPG Asia, stated, “The investment in Comtec is consistent with TPG's strategy of collaborating with high quality companies in China.  Comtec is our first China-based solar investment, and we are confident in Comtec's ability to expand successfully.  We believe the strengths of both parties will contribute to an effective partnership.”

Once the agreement reaches closing, Comtec will collect almost US$100 million in gross proceeds from the issued convertible bonds, which will go towards increasing production capacity. Moreover, Comtec anticipates gaining an added US$50 million once the warrants are fully exercised.

Read Next

September 10, 2025
Japanese solar cell manufacturer Toyo Solar has sold 1.6GW of solar PV cells in the first half of 2025, driving revenue of around US$139 million.
September 10, 2025
The CEFC has said that a coordinated approach to transmission in Pilbara, Western Australia, could save more than AU$30 billion over 25 years.
September 9, 2025
Iberdrola has signed a 77MW power purchase agreement (PPA) with Italian grocery retail group Selex Gruppo Commerciale.
September 9, 2025
Nautilus and Summit Ridge Energy secured major financing deals to expand community solar projects across multiple US states.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.
September 9, 2025
The average price of solar modules sold in Europe fell marginally between July and August, while buyers’ confidence remained steady.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines