PRC clean energy company acquires stake in solar technology manufacturer

    July 15, 2010 | BY

    clpstaff &clp articles

    Hanergy Group, one of the largest non-state-owned clean energy generation companies in China, has made a strategic investment in a Hong Kong-listed solar…

    Hanergy Group, one of the largest non-state-owned clean energy generation companies in China, has made a strategic investment in a Hong Kong-listed solar technology manufacturer.

    Hanergy paid US$150 million for a 23.08% stake in Apollo Solar Energy Technology Holdings by way of share subscription. Upon completion of the deal, Hanergy will become Apollo Solar's largest shareholder. In addition, the PRC company has made an equipment purchase of US$2.55 billion from Apollo Solar.

    A Herbert Smith team in Beijing led by partner Tom Chau acted for Hanergy. Apollo was advised by its in-house counsel.

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