20th Jul 2015 08:05
LONDON (Alliance News) - Opera Investments PLC Monday said it is acquiring SoloPower Systems Holdings Inc, a solar energy company headquartered in the US, in a USD220 million reverse takeover deal with private equity firm Hudson Clean Energy Partners.
Opera, which listed in London in April with the aim of acquiring companies or businesses in the natural resources sector, is issuing new shares at GBP0.28 each to Hudson. That values Opera's existing shares at GBP4.8 million.
Opera also envisages an equity fundraising of at least USD40 million to fund SoloPower's future investment and working capital requirements.
SoloPower manufactures solar photovoltaic cells and modules.
"We believe this acquisition delivers on our investment objectives and offers significant value for our shareholders. The proposed transaction will give a strong platform from which to grow SoloPower as a pioneer in flexible and lightweight high-performance solar materials and to realise value for its current and future stakeholders. We look forward to continuing to work with Hudson and SoloPower to deliver the transaction," Paul Dudley, Opera's chairman, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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