Chinese investor buys 14% stake in Comtec Solar

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Chinese investor Sun Da has paid almost HK$10.5 million (US$1.35 million) for a 14.3% slice of solar manufacturer and lithium-ion battery storage company Comtec Solar.

The move by Da – described as “an experienced investor mainly focused on [the] infrastructure, new energy, environmental protection and technology sectors” by Comtec – was made on Tuesday and reported to the Hong Kong exchange where the company is listed this morning.

The injection of cash will raise a net HK$10.3 million for Comtec, which announced in September it would move away from solar manufacturing to focus on its PV project sales, lithium battery energy storage and electric vehicle operations. The company said at the time it would listen to offers for its manufacturing facilities in Shanghai and Haian.

The acquisition means Da will be Comtec’s second biggest shareholder behind founder John Yi Zhang, who holds a 21.3% stake in the business.

Elsewhere on the exchange, bailed-out solar developer Singyes on Friday announced 200 MW of solar project engineering, procurement and construction wins worth an estimated RMB800 million (US$115 million) and related to plants in “Guangdong, Shaanxi, Guizhou etc”.