| Hanwha Chemical – Solarfun strategic investment | US$370m | |
|---|---|---|
| Synopsis Hanwha Chemicals purchased a 50% stake in Solarfun, the world's fourth largest solar module producer | ||
| Firm | Client | Role |
Shearman & Sterling | Solarfun | US counsel |
O’Melveny & Myers [Lead partners: Doug Freeman and Steven Tonsfeldt] | Special Committee | US counsel |
Maples and Calder | Special Committee | Cayman Islands counsel |
Paul Hastings [Lead partners: Daniel Kim and Jeff Hartlin] | Hanwha | US counsel |
Shin & Kim | Hanwha | Korean counsel |
Walkers | Hanwha | Cayman Islands counsel |
South Korea's Hanwha Chemicals has recently purchased a 50% stake in Solarfun Power Holdings, the world's fourth-largest solar module producer, for US$370m. The deal marks the latest attempt by Hanwha's parent, Hanwha Group, to raise its profile in China through acquisitions and public offerings.
O’Melveny & Myers represented the target’s special committee of the board of directors in the transaction that included the US$78m issuance of newly issued shares by the company as well as the exit sale by Solarfun’s two largest shareholders – founding chairman Yonghua Lu, and its largest investor Good Energies II. Solarfun intends to use the proceeds from the investment to fund the company’s expansion plans.
“The transaction reflects the growing interest of strategic and financial investors in the booming Chinese renewable energy sector as worldwide demand for renewable energy surges,” said Doug Freeman, lead partner of the O’Melveny & Myers team.ALB
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