However, the intention of controlling the
acquisition Hina, but was Miasole venture capital shareholders oppose, such as
Kleiner Perkins Caufield & Byers, VantagePoint Venture Partners, which, in
addition to the ordinary shares and convertible bonds to Miasole capital
injection of $ 550 million, has invested tens of millions of U.S. dollar equity
investment. "They do not want to fire sale Miasole." To the informed
sources, venture capital shareholders and management of the Company is forced
back to the negotiating table, Hina Holdings made a bold acquisition strategy,
through the acquisition of of Miasole all product inventory, the company's
management into submission .
The acquisition strategy, mainly due to the
the the CDB credit of "support". The informed sources, Hina holding
in August by the CDB credit for "credit guarantee" cost nearly $ 8
million stock acquisition orders to buy Miasole, the month after Hanergy no
longer additional orders, Miasole high-level fly directly China
Hina holding again proposed acquisition
Miasole, and to proceed with the to Miasole venture capital shareholders do
communicate. Until two years KPCB Fund Manager Miasole are not allowed to lay
off the new team performance incentive fees requirements are met, this
acquisition finally finalize details. This reporter learned that, in fact, Hina
Holdings for acquisition of $ 45 million, which in accordance with the Miasole
repay the debt limit is set at $ 30 million acquisition price part (mainly
including bank $ 23 million loan and $ 12 million of accounts payable, but
banks to cut the amount of $ 5,000,000), and the remaining $ 15 million for the
next two years Miasole team performance incentive fee.
"CDB credit occupy nearly 50% of the
total acquisition cost." He disclosed.
CDB credit "backing"
Hina Holdings already taste the sweetness
of the ultra-low-cost acquisitions overseas acquisition Miasole 5 months ago,
by virtue of the CDB credit.
Reporters learned exclusively, Hina
Holdings acquisition of German Q-Cells subsidiary Solibro equity in May this
year, the purchase price is not speculation that $ 5 billion, but about 25
million euros.
Reason, Q-Cells was intended to complete a
debt restructuring (new debt to replace some of the old debt), but unsuccessful
negotiations with the original creditor, a Q-Cells very low amount of debt held
by creditors to court result, the Court must determine Q-Cells in bankruptcy
liquidation reorganization.
"At that time, the German banking
sector as a whole suffered the European creditor rights crisis and tightening
of solar
cell photovoltaic loans provide short-term loans do not want to give
Q-Cells debt." He revealed. The Hina Holdings heard the news involved, and
ultimately about 25 million euros to buy Solibro equity. However, with the
Solibro the same scale PV companies solyndra valuation of up to $ 535 million,
the market should therefore consider the market value of Solibro 4-5 billion
U.S. dollars.
The informed sources, Q-Cells in urgent
need of cash to repay the debt to emerge from bankruptcy reorganization
embarrassment, only accept cash form of payment. CDB 300 million yuan credit
seeing Hina Holdings strength.
Hina Holdings, Solibro help enhance Hanergy
conversion rate advantage in the production of copper indium gallium selenide
(CIGS) thin film solar PV modules, the mass production of the former highest
conversion rate of 15.5-17%.
"Rely solely Hina holding its own
financial strength, Q-Cells may not be recognized the funds Hanergy
strength." To the informed sources, in the eyes of Q-Cells, Hina Holdings
and their situation is similar because of the global solar photovoltaic
industry excess capacity to reduce solar subsidies in Europe and America, the
banks are reluctant to the solar industry to provide credit support the CDB
credit certificate, so that Q-Cells surprised. "
A source close to the Hanergy bluntly, the
CDB The reason given 300 million yuan credit support Hanergy holding overseas
acquisitions, on the one hand, a broad space for development of the CDB
approved the thin film solar industry compared to polysilicon solar panel industry,
the film of the same conversion rate Solar has a low-cost advantage; the other
hand, Hina Holdings hydropower operating assets annually generate billions of
dollars in cash flow, CDB believe can be scheduled debt.
The CDB "support" Hina Holdings,
not just credit. The Hina Holdings commitment to the implementation of the
biennium of $ 15 million performance incentive to the the Miasole company
executives, but the relevant amount remitted outside once faced a rigorous
review of the use of funds by the CDB and other relevant departments to do the
coordination and communication, the remittance before promptly remitted abroad.
"If the money can not be scheduled
remitted abroad, this overseas bargain-hunting acquisition turn to no avail and
eventually died." He stressed, "Hina Holdings difficult to obtain the
carrying amount of U.S. $ 2-3 billion floating surplus."
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