24th Feb 2014 11:57
LONDON (Alliance News) - Origo Partners PLC Monday said it is now the "sole partner" of dual currency private equity fund China Cleantech Partners after a UK investment trust managed by Ecofin Ltd's interest in the fund was redeemed in full.
In a statement, Origo said the exit by Ecofin Water & Power Opportunities PLC, which in 2011 contributed USD15 million to the fund, matching Origo's contribution, leaves it not only as sole partner but also with a majority limited partnership interest in the associated RMB denominated sub-fund.
"Our cleantech investments, all held on our balance sheet, continue to benefit from increased demand driven in part by continued support for the sector from the Chinese Government," Chris Rynning, Chief Executive, said in a statement.
"However, in light of our recent strategic shift to focus on managing our existing portfolio of investments, we have decided to discontinue our relationship with the Ecofin group and the active marketing of our cleantech fund," he said.
"By taking full control of the fund, we believe we are better positioned to deliver a return on our investment in CCP, while exploring options for accelerating capital distribution to Origo and our Chinese partners," Rynning added.
Origo said it has separately repaid a USD260,000 loan to Ecofin Water & Power Opportunities.
The transactions are expected to be net asset value neutral to Origo, with CCP set to be consolidated into its accounts.
Origo Partners shares were Monday quoted at 6.75 pence, up 0.12 pence, or 1.8%.
By Samuel Agini; [email protected]; @samuelagini
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