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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.
July 3, 2025
Spanish IPP Zelestra has secured a €235 million (US$277 million) increase to its sustainability-linked loan, bringing the total to €770 million.
July 3, 2025
US tracker manufacturer GameChange Solar has introduced the Genius Tracker TF, a new terrain-following solar tracker system designed to deliver “the industry’s lowest grading requirement on challenging terrain.” 
Premium
July 3, 2025
Meeting the UK’s solar targets will not simply require the installation of new capacity, but investment in grid infrastructure and training.
July 3, 2025
TotalEnergies has expanded its renewables assets in the Caribbean, sold a stake in projects in Portugal and begun construction on two PV parks in Spain.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK