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ET | Source: JA Solar Holdings Co., Ltd.

BEIJING, Nov. 17, 2017 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO) (“JA Solar” or the “Company”), one of the world’s largest manufacturers of high-performance solar power products, today announced that it has entered into a definitive agreement and plan of merger (the “Merger Agreement”) with JASO Holdings Limited (“Holdco”),  JASO Parent Limited (“Parent”), a wholly owned subsidiary of Holdco, and JASO Acquisition Limited (“Merger Sub”), a wholly owned subsidiary of Parent, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $362.1 million.

Pursuant to the terms of the Merger Agreement, at the effective time of the merger (the “Effective Time), each ordinary share of the Company issued and outstanding immediately prior to the Effective Time (each a “Share”) will be cancelled and cease to exist in exchange for the right to receive $1.51 in cash without interest, and each American depositary share (each an “ADS”) of the Company, representing 5 Shares, will be cancelled in exchange for the right to receive $7.55 in cash without interest, except for (a) Shares (including Shares represented by ADSs) owned by Jinglong Group Co., Ltd. (“Jinglong”), Chin Tien HUANG, Chi Fung WONG and Pak Wai WONG (together with Jinglong, the “Rollover Shareholders”), which will be rolled over in the transaction, cancelled and cease to exist without any conversion thereof or consideration paid therefor, and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the “Dissenting Shares”), which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

At the Effective Time, each (1) outstanding and unexercised option (each a “Company Option”) to purchase Shares under the Company’s share incentive plans will be cancelled, and each holder of a Company Option (other than the Rollover Shareholders) will have the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $1.51 over the applicable exercise price of such Company Option by (y) the number of Shares such holder could have purchased (assuming full vesting of all options) had such holder exercised such Company Option in full immediately prior to the Effective Time, net of any applicable withholding taxes, and (2) each restricted share and each restricted share unit granted under the Company’s share incentive plans shall be cancelled, and each holder thereof will have right to receive a cash amount equal to $1.51, net of any applicable withholding taxes.

The merger consideration represents a premium of 18.2% to the closing price of the Company’s ADSs on June 5, 2017, the last trading day prior to the Company’s announcement of its receipt of a revised “going-private” proposal, and a premium of 17.2% to the average closing price of the Company’s ADSs during the 3-month period prior to its receipt of a revised “going-private” proposal.

The Buyer Group comprises Mr. Baofang Jin, chairman and chief executive officer of the Company, Jinglong, a British Virgin Islands company of which Mr. Baofang Jin is the sole director, and/or its affiliates, and the other Rollover Shareholders.

The Buyer Group intends to fund the merger with a combination of debt and equity. The Buyer Group has delivered an executed debt commitment letter to the Company pursuant to which CSI Finance Limited, Credit Suisse AG, Singapore Branch and certain other parties will provide, subject to the terms and conditions set forth therein, a loan facility to fund the merger in the amount of US$160 million.

The Company’s board of directors (the “Board”), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the “Special Committee”), approved the Merger Agreement and the merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The merger, which is currently expected to close during the first quarter of 2018, is subject to customary closing conditions including the approval of the Merger Agreement by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a meeting of the Company’s shareholders convened to consider the approval of the Merger Agreement and the merger. The Buyer Group and the Rollover Shareholders have agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 25.7% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the merger. If completed, the merger will result in the Company becoming a privately-owned company and its ADSs will no longer be listed on the Nasdaq Global Select Market.

Houlihan Lokey is serving as financial advisor to the Special Committee, and Gibson, Dunn & Crutcher LLP is serving as U.S. legal counsel to the Special Committee, and Conyers Dill & Pearman is serving as Cayman legal counsel to the Special Committee.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Buyer Group.

Additional Information about the Transaction

The Company will furnish to the U.S. Securities and Exchange Commission a report on Form 6-K regarding the merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the merger, the Company will prepare and mail a proxy statement to its shareholders. In addition, certain participants in the merger will prepare and mail to the Company’s shareholders a Schedule 13E-3 transaction statement that will include the proxy statement. These documents will be filed with or furnished to the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER AND RELATED MATTERS. In addition to receiving the proxy statement and Schedule 13E-3 transaction statement by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the merger and related matters, without charge, from the SEC’s website (http://www.sec.gov) or at the SEC’s public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549.

The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be “participants” in the solicitation of proxies from the Company’s shareholders with respect to the merger. Information regarding the persons who may be considered “participants” in the solicitation of proxies will be set forth in the proxy statement and Schedule 13E-3 transaction statement relating to the merger when it is filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and Schedule 13E-3 transaction statement and the other relevant documents filed with or furnished to the SEC when they become available.

This announcement is neither a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC in connection with the merger.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world’s largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 5.2 GW of solar power products in 2016. JA Solar is headquartered in Beijing, China, and maintains production facilities in Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang, Malaysia and Hanoi, Vietnam.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, which may include but are not limited to, the Company’s ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company’s ability to operate as a public company; the period of time for which the Company’s current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company’s operating results and financial condition; the Company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the SEC. Forward-looking statements can be identified by terminology such as “if,” “will,” “expected” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Risks, uncertainties and assumptions include: uncertainties as to how the Company’s shareholders will vote at the meeting of shareholders; the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement to be filed by the Company. You should not rely upon these forward-looking statements as predictions of future events. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For more information, please visit www.jasolar.com.

CONTACT:

The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: JA Solar Holdings Co., Ltd. Enters into...

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ET | Source: JA Solar Holdings Co., Ltd.

BEIJING, Nov. 15, 2017 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, today announced its unaudited financial results for its third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Total shipments were 1,640.9 megawatts (“MW”), consisting of 1,582.5 MW of modules and 37.9 MW of cells to external customers, and 20.5 MW of modules to the Company’s downstream projects.  External shipments were up 30.6% y/y and down 30.0% sequentially
  • Shipments of modules were 1,582.5 MW, an increase of 31.9% y/y and a decrease of 26.3% sequentially
  • Shipments of cells were 37.9 MW, a decrease of 7.3% y/y and 77.3% sequentially
  • Net revenue was RMB 4.3 billion ($652.6 million), an increase of 4.3% y/y and a decrease of 27.1% sequentially
  • Gross margin was 11.8%, a decrease of 200 basis points y/y and 110 basis points sequentially
  • Operating profit was RMB 169.8 million ($25.5 million), compared to RMB 121.4 million ($18.2 million) in the third quarter of 2016, and RMB 255.1 million ($38.3 million) in the second quarter of 2017
  • Net income was RMB 41.9 million ($6.3 million), compared to RMB 44.1 million ($6.6 million) in the third quarter of 2016, and RMB 134.6 million ($20.2 million) in the second quarter of 2017
  • Earnings per diluted ADS were RMB 0.89 or $0.13, compared to RMB 0.86 or $0.13 in the third quarter of 2016, and RMB 2.87 or $0.43 in the second quarter of 2017
  • Cash and cash equivalents were RMB 2.1 billion ($309.1 million), a decrease of RMB 1.2 billion ($176.9 million) during the quarter
  • Non-GAAP earnings1 per diluted ADS were RMB 0.89 or $0.13, compared to RMB 0.86 or $0.13 in the third quarter of 2016, and RMB 2.87 or $0.43 in the second quarter of 2017

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Third quarter results were in-line with our expectations.  Total module shipments during the quarter increased more than 30% year-over-year to approximately 1.6 GW, largely driven by demand from our key markets, including China, the U.S., Europe and Japan.  Additionally, we maintained gross margin in the low teens through stringent cost control in an adverse pricing environment of polysilicon and wafers during the quarter."

Mr. Jin continued, "We are seeing some uncertainties around the ongoing trade cases in the U.S. and India, which could impact global solar demand in the mid-term.  Additionally, accelerated capacity expansion in the industry is reshaping the competition landscape. That being said, we remain confident that our balanced global footprint and flexible business model will enable us to adjust to evolving market conditions as in the past cycles.  Our team remains focused on executing our business strategy to provide our customers with high-quality, high-reliability products, as we continue to position JA Solar for long-term growth.”

All shipment and financial figures refer to the quarter ended September 30, 2017, unless otherwise specified.  All “year over year” or “y/y” comparisons are against the quarter ended September 30, 2016.  All “sequential” comparisons are against the quarter ended June 30, 2017.

Total shipments were 1,640.9 MW, within the guidance range of 1,600 to 1,700 MW. External shipments of 1,620.4 MW increased 30.6% year-over-year and decreased 30.0% sequentially.

External shipments breakdown by product (MW)

  2016Q3 2017Q2 2017Q3 QoQ% YoY%
Modules and module tolling 1,200.0 2,147.5 1,582.5 -26.3 % 31.9 %
Cells and cell tolling 40.9 167.2 37.9 -77.3 % -7.3 %
Total 1,240.9 2,314.7 1,620.4 -30.0 % 30.6 %
               

External shipments breakdown by region (percentage)

  2016Q3 2017Q2 2017Q3 QoQ(pp) YoY(pp)
China 32.0 % 59.2 % 47.3 % -11.90 15.30
APAC ex-China 25.8 % 24.9 % 16.3 % -8.60 -9.50
Europe 6.5 % 5.1 % 14.1 % 9.00 7.60
North America 13.0 % 8.1 % 17.2 % 9.10 4.20
South America 20.2 % 0.4 % 0.4 % 0.00 -19.80
Others 2.5 % 2.3 % 4.7 % 2.40 2.20
                 

Net revenue was RMB 4.3 billion ($652.6 million), an increase of 4.3% y/y and a decrease of 27.1% sequentially.

Gross profit of RMB 513.6 million ($77.2 million) decreased 10.6% y/y and 33.4% sequentially.  Gross margin was 11.8%, which compares to 13.8% in the year-ago quarter, and 12.9% in the second quarter of 2017.

Total operating expenses of RMB 343.8 million ($51.7 million) were 7.9% of revenue.  This compares to operating expenses of 10.9% of revenue in the year-ago quarter, and 8.7% of revenue in the second quarter of 2017.

Operating profit was RMB 169.8 million ($25.5 million), compared to RMB 121.4 million ($18.2 million) in the year-ago quarter, and RMB 255.1 million ($38.3 million) in the second quarter of 2017.  Operating margin was 3.9%, compared with 2.9% in the prior-year period and 4.3% in the previous quarter.

Interest expense was RMB 80.3 million ($12.1 million), compared to RMB 75.4 million ($11.3 million) in the year-ago quarter, and RMB 82.6 million ($12.4 million) in the second quarter of 2017.

The change in fair value of warrant derivatives was nil, compared with positive RMB 17 thousand ($2.6 thousand) in the year-ago quarter, and nil in the second quarter of 2017. The warrants were issued on August 16, 2013 in conjunction with the Company’s $96 million registered direct offering, and expired on August 16, 2016.

Earnings per diluted ADS were RMB 0.89 or $0.13, compared to earnings per diluted ADS of RMB 0.86 or $0.13 in the year-ago quarter, and earnings per diluted ADS of RMB 2.87 or $0.43 in the second quarter of 2017.

Liquidity

As of September 30, 2017, the Company had cash and cash equivalents of RMB 2.1 billion ($309.1 million), and total working capital of RMB 291.2 million ($43.8 million).  Total short-term borrowings were RMB 3.3 billion ($491.8 million). Total long-term borrowings were RMB 2.9 billion ($433.2 million), of which RMB 961.3 million ($144.5 million) were due in one year.

Business Outlook

For the fourth quarter of 2017, the Company expects total cell and module shipments to be in the range of 1,600 to 1,800 MW.  Nearly all will be external shipments.

Investor Conference Call / Webcast Details

JA Solar's management will host an earnings conference call on November 15, 2017 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. China Time).

Dial-in details for the earnings conference call are as follows:

  Phone Number Toll-Free Number
United States +1 8456750437 +1 8665194004
Hong Kong +852 30186771 +852 800906601
Mainland China +86 8008190121
+86 4006208038
 
Other International +65 67135090  
     

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 7597129.

A replay of the conference call may be accessed by phone at the following numbers until November 23, 2017.  To access the replay, please reference the conference ID 7597129.

  Phone Number Toll-Free Number
United States +1 6462543697 +1 8554525696
Hong Kong +852 30512780 +852 800963117
Mainland China +86 8008700206
+86 4006322162
 
Other International +61 281990299  
     

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2017, which was RMB 6.6533 to $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on September 30, 2017, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world’s largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 5.2 GW of solar power products in 2016. JA Solar is headquartered in Beijing, China, and maintains production facilities in Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang, Malaysia and Bac Giang, Vietnam.

For more information, please visit www.jasolar.com.

Contact:

The Blueshirt Group

Ralph Fong
Phone: +1 (415) 489-2195
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

1 JA Solar adjusts net income attributable to the Company's ordinary shareholders to exclude changes in fair value of certain warrants granted to certain investors in a registered direct offering (the "Offering") closed on August 16, 2013.

 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
 
  For three months ended
  Sep. 30, 2016   Jun. 30, 2017   Sep. 30, 2017   Sep. 30, 2017  
  RMB'000   RMB'000   RMB'000   USD'000  
         
Net revenues 4,162,927   5,953,211   4,341,718   652,566  
Cost of sales (3,588,469 ) (5,182,372 ) (3,828,137 ) (575,374 )
Gross profit 574,458   770,839   513,581   77,192  
Selling, general and administrative expenses (406,194 ) (480,065 ) (302,786 ) (45,509 )
Research and development expenses (46,871 ) (35,667 ) (40,964 ) (6,157 )
Total operating expenses (453,065 ) (515,732 ) (343,750 ) (51,666 )
Income from operations 121,393   255,107   169,831   25,526  
Interest expense (75,378 ) (82,617 ) (80,283 ) (12,067 )
Change in fair value of warrant derivatives 17     -      -      -   
Other income/(loss), net 10,450   13,654   (35,594 ) (5,350 )
Income before income taxes 56,482   186,144   53,954   8,109  
Income tax expense (12,361 ) (51,536 ) (12,061 ) (1,813 )
Net income 44,121   134,608   41,893   6,296  
Less: loss attributable to noncontrolling interest (715 )   -      -      -   
Net income attributable to JA Solar Holdings 44,836   134,608   41,893   6,296  
         
Net income per share attributable to ordinary shareholders:        
Basic 0.17   0.57   0.18   0.03  
Diluted 0.17   0.57   0.18   0.03  
         
Weighted average number of shares outstanding:        
Basic  234,290,842   234,311,611   234,360,842   234,360,842  
Diluted 234,338,817   234,333,946   234,383,172   234,383,172  
         
Comprehensive income        
Net income 44,121   134,608   41,893   6,296  
Foreign currency translation adjustments, net of tax (3,776 ) (786 ) 3,276   492  
Other comprehensive (loss)/income (3,776 ) (786 ) 3,276   492  
Comprehensive income 40,345   133,822   45,169   6,788  
Loss attributable to noncontrolling interest (715 )   -      -      -   
Comprehensive income attributable to JA Solar Holdings 41,060   133,822   45,169   6,788  
         
NON-GAAP RECONCILIATION        
         
GAAP net income attributable to JA Solar Holdings 44,836   134,608   41,893   6,296  
Change in fair value of warrant derivatives (17 )   -      -      -   
Non-GAAP net income attributable to JA Solar Holdings 44,819   134,608   41,893   6,296  
         
Non-GAAP net income per share attributable to ordinary shareholders:        
Basic 0.17   0.57   0.18   0.03  
Diluted 0.17   0.57   0.18   0.03  
         
Non-GAAP weighted average number of shares outstanding:        
Basic 234,290,842   234,311,611   234,360,842   234,360,842  
Diluted 234,338,817   234,333,946   234,383,172   234,383,172  
         
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
  For nine months ended
  Sep. 30, 2016   Sep. 30, 2017   Sep. 30, 2017  
  RMB'000   RMB'000   USD'000  
       
Net revenues 11,746,233   13,987,335   2,102,315  
Cost of sales (9,968,121 ) (12,269,579 ) (1,844,134 )
Gross profit 1,778,112   1,717,756   258,181  
Selling, general and administrative expenses (1,114,964 ) (1,095,709 ) (164,687 )
Research and development expenses (130,513 ) (117,091 ) (17,599 )
Total operating expenses (1,245,477 ) (1,212,800 ) (182,286 )
Income from operations 532,635   504,956   75,895  
Interest expense (211,455 ) (246,174 ) (37,000 )
Change in fair value of warrant derivatives 70,882     -      -   
Other income, net 57,610   575   86  
Income before income taxes 449,672   259,357   38,981  
Income tax expenses (83,487 ) (74,733 ) (11,233 )
Net income 366,185   184,624   27,748  
Less: income attributable to noncontrolling interest 990     -      -   
Net income attributable to JA Solar Holdings 365,195   184,624   27,748  
       
Net income per share attributable to ordinary shareholders:      
Basic 1.32   0.79   0.12  
Diluted 1.32   0.79   0.12  
       
Weighted average number of shares outstanding:      
Basic   234,290,842     234,321,467     234,321,467  
Diluted   234,434,640     234,339,597     234,339,597  
       
Comprehensive income      
Net income 366,185   184,624   27,748  
Foreign currency translation adjustments, net of tax (25,984 ) 3,572   537  
Other comprehensive (loss)/income (25,984 ) 3,572   537  
Comprehensive income 340,201   188,196   28,285  
Income attributable to noncontrolling interest 990     -      -   
Comprehensive income attributable to JA Solar Holdings 339,211   188,196   28,285  
       
NON-GAAP RECONCILIATION      
       
GAAP net income attributable to JA Solar Holdings 365,195   184,624   27,748  
Change in fair value of warrant derivatives (70,882 )   -      -   
Non-GAAP net income attributable to JA Solar Holdings 294,313   184,624   27,748  
       
Non-GAAP net income per share attributable to ordinary shareholders:      
Basic 1.06   0.79   0.12  
Diluted 1.06   0.79   0.12  
       
Non-GAAP weighted average number of shares outstanding:      
Basic 234,290,842   234,321,467   234,321,467  
Diluted 234,434,640   234,339,597   234,339,597  
       
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
       
  Dec. 31, Sep 30,
  2016 2017 2017
  RMB'000 RMB'000 USD'000
   
ASSETS      
Current assets:       
Cash and cash equivalents   2,569,402   2,056,706   309,126
Restricted cash   836,761   1,078,252   162,063
Accounts receivable    2,753,678   2,872,657   431,764
Notes receivable    563,144   84,373   12,681
Inventories   2,460,488   3,377,184   507,595
Advances to suppliers   282,369   389,040   58,473
Other current assets   799,314   761,886   114,512
Total current assets   10,265,156   10,620,098   1,596,214
Property and equipment, net   5,219,501   6,037,223   907,403
Project asset   2,338,648   2,832,756   425,767
Advances to suppliers   97,429   40,017   6,015
Prepaid land use rights   524,208   528,523   79,438
Long-term investment   69,022   74,527   11,202
Other long term assets   517,292   697,728   104,870
Total assets   19,031,256   20,830,872   3,130,909
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current liabilities:      
Short-term borrowings    2,912,866   3,272,227   491,820
Accounts payable    2,635,525   3,340,136   502,027
Advances from customers   610,718   964,325   144,939
Current portion of long term borrowings   525,256   961,329   144,489
Accrued and other liabilities    1,966,475   1,790,875   269,172
Total current liabilities   8,650,840   10,328,892   1,552,447
Long-term borrowings    2,701,438   1,920,554   288,662
Other long term liabilities   1,217,648   1,931,484   290,305
Total liabilities   12,569,926   14,180,930   2,131,414
Total JA Solar Holdings shareholders' equity   6,461,130   6,649,742   999,465
Noncontrolling interest   200   200   30
Total shareholders' equity   6,461,330   6,649,942   999,495
Total liabilities and shareholders’ equity   19,031,256   20,830,872   3,130,909
       
Read more: JA Solar Announces Third Quarter 2017 Results

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ET | Source: Scatec Solar

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, November 6, 2017: Scatec Solar ASA (the "Issuer") today announces the successful completion of its consent solicitation (the "Consent Solicitation") from the holders (the "Bondholders") of its outstanding NOK 500,000,000 FRN Senior Unsecured Bond Issue 2015/2018 (ISIN NO0010752298) (the "Bonds"), regarding certain amendments (the "Proposal") to the bond agreement governing the Bonds (the "Bond Agreement") that would permit an early redemption of the Bonds.

Unless otherwise defined herein, terms used in the consent solicitation memorandum dated 23 October 2017 (the "Consent Solicitation Memorandum") shall have the same meaning in this announcement.

In connection with the Consent Solicitation, a bondholders' meeting (the "Bondholders' Meeting") was held at 09:00 (CET) on 6 November 2017 in respect of the Bonds. In the Bondholders' Meeting the Proposal was duly passed.

The Issuer intends to notify Bondholders of the Early Redemption Settlement Date via Stamdata AS (www.stamdata.no) and via a separate stock exchange release today. If the redemption of the Bonds occurs, the Redemption price of 104.25 per cent. of par value (plus accrued interest) shall be paid to the Bondholders on or about the Early Redemption Settlement Date.

Furthermore, and also conditional on the settlement of the issuance of New Bonds, the Early Consent Fee of 0.50 per cent. of the principal amount of the Bonds for which valid Voting Instructions in favour of the Proposal were delivered before the Early Consent Fee Deadline at 12:00 (CET) on 30 October 2017 will be paid to the Bondholders entitled to receive it on their Income Account on or about the Early Redemption Settlement Date. Payment of any Early Consent Fee is not made via the VPS system and Bondholders should therefore consult their own professional advisors regarding the possible tax consequences under the laws of jurisdiction that apply to them.

To receive a copy of the Consent Solicitation Memorandum or for questions relating to the Consent Solicitation, please contact the Solicitation Agents.

Solicitation Agents:
Nordea Bank AB (publ), Filial i Norge
Tlf.: +45 6161 2996
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Swedbank Norge, Norwegian Branch of Swedbank AB (publ)
Tlf.: +46 8 700 90 22
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Consent Solicitation Paying Agent:
Nordea Bank AB (publ)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

 With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway.

Important Notice
The contents of this announcement have been prepared by, and are the sole responsibility of, the Issuer. The Issuer's financial advisors are acting exclusively for the Issuer and no one else, and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients, or for advice in relation to the Proposal or the New Bond Issue (collectively the "Transaction"), the contents of this announcement or any of the matters referred to herein. The Transaction and the distribution of this announcement and other information in connection with the Transaction may be restricted by law in certain jurisdictions. The Issuer assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction.

The Transaction has not been, and will not be, made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Transaction in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Issuer or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.

This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any bonds in relation to the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States. This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Issuer. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Issuer only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

 

Read more: Scatec Solar ASA announces successful...

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ET | Source: Scatec Solar

Oslo, October 27, 2017: Scatec Solar ASA (SSO) and partners have achieved financial close for six solar PV power plants in Egypt totaling 400 MW. A consortium of international Development Finance Institutions is providing a non-recourse project finance of USD 335 million, which accounts for 75% of the capex. 

The consortium consists of EBRD, the United Nations' Green Climate Fund (GCF), the Dutch development bank, FMO, the Islamic Development Bank (IsDB) and the Islamic Corporation for the Development of the Private Sector (ICD). This is the consortium's first joint projects in Egypt's renewable energy sector.

"With this programme, the government of Egypt is making important steps towards accessing clean and low-cost electricity to drive development and economic prosperity. Scatec Solar and partners are making significant investments and a long-term commitment to Egypt'', says Raymond Carlsen, CEO of Scatec Solar.

The six projects involving a total investment of USD 450 million are located in the Benban solar park in Aswan in Upper Egypt.  Upon completion, Benban will be the largest solar installation in the world with a planned total capacity of 1.8 GW. ''We are delighted to support the largest solar portfolio in Egypt's feed-in-tariff scheme and to work again with Scatec Solar'', says EBRD's Head of Power and Energy Utilities, Harry Boyd-Carpenter.

The Green Climate Fund's contribution of USD 48 million is the highest it has disbursed to a single recipient and the first under its April 2017 co-operation agreement with EBRD. "This is a big step forward. It shows the potential for public and private climate finance to drive the low emission energy transition in support of Egypt's climate goals," says Ayaan Adam, Private Sector Facility Director at GCF.

The annual 870 GWh of electricity produced from the 400 MW solar plants will avoid about 350,000 tons of CO2 emissions per year, supporting Egypt's emission reduction targets under the Paris Climate Agreement. Egypt has committed to increase the share of renewables in the country's power mix to 37% by 2035.

The 25% equity will be provided by the three sponsors of the projects, Scatec Solar, Norfund and Africa50, the Infrastructure Fund for Africa.

Last April, Scatec Solar and partners signed 25-year Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company and yesterday delivered the required condition precedents for the PPA to become effective. Construction is scheduled to commence in early 2018, upon customary governmental conditions under the renewables program being met. 

Scatec Solar will be the turn-key EPC provider for the projects and provide Operation & Maintenance as well as Asset Management services to the power plants.

The 400 MW in Egypt adds to Scatec Solar's other projects under construction; 162 MW in Brazil, 197 MW in Malaysia and 35 MW in Honduras. Over the past month USD 700 million has been secured in non-recourse project finance by Scatec Solar for these projects. 

When the new power plants are in operation Scatec Solar will hold a profitable and diversified portfolio with a capacity of more than 1,100 MW. This power plant portfolio will generate stable cash flows over the next 20-25 years and beyond.

"The addition of the Egyptian projects places Scatec Solar as one of the leading integrated solar IPPs in emerging markets", adds Raymond Carlsen, CEO of Scatec Solar.

For further information, please contact:

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280           This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Mikkel Tørud, CFO,                  tel: +47 976 99 144           This email address is being protected from spambots. You need JavaScript enabled to view it.

 
About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 600 MW.

The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

With an established global presence, the company is growing briskly with a project backlog and pipeline of 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.

To learn more, visit www.scatecsolar.com

Read more: Scatec Solar closes financing for 400 MW in Egypt

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ET | Source: RGS Energy

DENVER, Nov. 09, 2017 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the nation’s original solar company since 1978, reported results for its third quarter ended September 30, 2017.

Financial Summary

                   
(000’s omitted)   Q3 2017     Q2 2017     Q3 2016  
Net loss $ (4,422 ) $ (4,030 ) $ (7,735 )
Stockholders’ equity (deficit)   9,503     13,904     (5,578 )
Working capital $ 7,091   $ 12,743   $ (3,210 )
                   

“Our strategy has been to expend cash, investing it in a manner expected to allow us to meet and exceed our quarterly break-even results during 2018,” stated Alan Fine, RGS Energy’s Chief Financial Officer and Treasurer. “Further, we will continue to expend cash during the fourth quarter of 2017 and, if as projected, we achieve revenue to operate profitably during the second quarter of 2018, our business will thereafter begin to operate on a positive cash flow basis. To achieve this outcome, we have been investing cash in our sales organization, marketing and a larger inventory of equipment for future installations. We project our cash balance at June 30, 2018, exclusive of cash expenditures related to our new POWERHOUSE™ segment, to be approximately $2 million.” 

Growth Strategy Update
The company issued a business update on October 19, 2017 announcing progress on its top-line revenue growth strategy. Third quarter of 2017 results compared to the second quarter of 2017:

Sales and marketing

  • Gross sales increased 33%
  • Net sales increased 59%
  • Size of the company’s sales organization increased 15%
  • Average number of sales per residential direct sales person increased 18%
  • Residential acquisition cost-per-sale decreased 5%

Revenue and gross margin

  • Total revenue increased 34%
  • Residential cycle time reduced 11%
  • Residential gross margin percentage increased 276%

“We made solid progress on our key metrics this quarter,” said Seth Wiggins, RGS Energy’s senior vice president of the Solar Division. “As we have explained before, we must first grow sales and backlog before we expect to see revenue growth. Our backlog increased 45% from June 30, 2017, and we are expecting continued revenue growth.”
                   
POWERHOUSE™ Solar Shingles System:

On September 29, 2017, the company entered into an exclusive domestic and international license agreement with The Dow Chemical Company for the POWERHOUSE™ solar shingles system, an innovative and aesthetically pleasing solar shingle system developed by Dow that has been deployed on more than 1,000 homes previously by Dow.  Images of the solar shingles and additional information about POWERHOUSE™ solar shingles is available at RGSPOWERHOUSE.com.

RGS will lead all commercial activities for the product, including supply chain management, marketing, sales, installation and warranty. 

“Beyond the progress on our revenue growth plan, on September 29th we were awarded the worldwide exclusive license for POWERHOUSE™, an aesthetically innovative solar shingle system that integrates into a house rooftop,” continued Lacey. “We believe that the revenue potential for this product is huge and, as discussed during our recent investor call announcing the license, we are working toward UL certification during second quarter of 2018.”

Conference Call
Due to management traveling in China this week and Veterans Day (observed), RGS Energy will hold a conference call to discuss its third quarter 2017 financial results early next week.

Date: Monday, November 13, 2017
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 4995962
Webcast: http://public.viavid.com/index.php?id=127150

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 20, 2017.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 4995962

About RGS Energy 
RGS Energy (Nasdaq:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company sells, designs, installs solar systems for residential homeowners and small business companies, and is also the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. 

For more information, visit RGSEnergy.com, RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the website referred to above in this press release is not incorporated by reference into this press release.

RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Forward-Looking Statements and Cautionary Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding the RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “forecast,” “project,” “expect,” “plan,” “future,” “believe,” “may,” “hypothetical,” “will,” “target,” “anticipate” and similar expressions as they relate to RGS Energy are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully implement its revenue growth strategy, achieve its target level of sales, generate cash flow from operations, achieve break-even and better results for its solar division, expand its sales and installation teams and marketing, decrease its customer acquisition cost, develop and implement new products and services, and expand into new states; RGS Energy’s current capital resources being sufficient to implement its revenue growth strategy; the ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite certification of POWERHOUSE™ 3.0; the adequacy of, and access to, capital necessary to commercialize POWERHOUSE™ 3.0; RGS Energy’s ability to satisfy the conditions and our obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; the potential impact of the announcement of RGS Energy’s expansion into the POWERHOUSE™ 3.0 business with employees, suppliers, customers and competitors; RGS Energy’s ability to successfully and timely expand its POWERHOUSE™ 3.0 business outside of the United States; foreign exchange risks associated with the POWERHOUSE™ 3.0 business; and future cancellations and backlog.

You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, and in our Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.   

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

RGS Energy
Condensed Consolidated Balance Sheets
(in thousands)

    September 30,
2017
    December 31,
2016
    September 30,
2016
 
Cash $ 4,658   $  2,940   $ 1,378  
Restricted Cash   -     173     8,250  
Other current assets   7,969     6,742     8,305  
Total current assets   12,627     9,855     17,933  
Non-current assets   5,448     4,518     4,306  
Total assets $ 18,075   $ 14,373   $ 22,239  
       
Debt $ 1   $  787   $ 5,907  
Accounts payable   991     2,019     6,354  
Other current liabilities   4,544     3,469     8,882  
Total current liabilities   5,536     6,275     21,143  
Non-current liabilities   3,036     3,120     6,674  
Total liabilities   8,572     9,395     27,817  
           
Stockholders’ equity (deficit)   9,503     4,978     (5,578 )
Total liabilities and stockholders’ equity $ 18,075   $ 14,373   $ 22,239  
       
Other information:      
Working Capital $ 7,091   $  3,580   ($3,210 )
                 


RGS Energy
Consolidated Summary Statements of Operations

(in thousands, except per share amounts)

     
Three Months Ended
September 30,
Six Months Ended
September 30,
  2017     2016     2017     2016  
Contract Revenue:        
Sale and Installation of Solar Systems $ 3,685   $ 2,304   $ 9,755   $ 11,857  
Service   320     159     888     429  
Leasing   14     15     39     43  
Contract Expense:        
Installation of solar systems   3,466     2,077     9,210     10,769  
Service   426     269     1,235     899  
Customer acquisition expense   1,774     599     4,025     2.015  
Contribution   (1,647 )   (467 )   (3,788 )   (1,354 )
Operating expense   2,662     2,571     8,094     8,339  
Litigation expense   77     -     212     24  
Operating loss   (4,386 )   (3,038 )   (12,094 )   (9,717 )
Interest Expense   -     (1,330 )   -     (2,253 )
Taxes   -     -     -     (27 )
Derivative & Other   19     (535 )   (351 )   (251 )
Debt accretion expense and loss on extinguishment   -     (2,831 )   0     (2,831 )
Income (loss) from continuing operations   (4,367 )   (7,734 )   (12,445 )   (15,079 )
Income (loss) from discontinued operations   (55 )   (1 )   (43 )   230  
Net loss  $ (4,422 )  $ (7,735 )  $ (12,488 )  $ (14,849 )
         
Other Information:        
Loss per Share $ (0.59 )   (308.10 ) $ (1.90 ) $ (663.00 )
Weighted average shares outstanding   7,481     25     6,567     22  
                   

 

Read more: RGS Energy Reports Third Quarter 2017 Results

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ET | Source: Scatec Solar

Oslo, October 31, 2017: Scatec Solar ASA (the Company) has successfully completed a NOK 750 million senior unsecured green bond issue with maturity in November 2021. The bond issue was significantly oversubscribed. The new bonds will have a floating coupon of 3 month NIBOR plus 475 bps.

The proceeds from the bond issue will be used for refinancing of the outstanding bond with ticker SSO01, with coupon of 3 month NIBOR plus 650 bps maturing in November 2018, and for financing of eligible activities as defined in the Scatec Solar Green Bond Framework.

Settlement of the new bond issue is conditional upon the Proposals being passed at the SSO01 bondholders' meeting on November 6, 2017. Based on received Voting Instructions, the Company has bondholder support in favor of the proposed changes to the SSO01 bond agreement.

Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB (publ) acted as Joint Lead Managers and ABN AMRO Bank N.V. acted as Co-Manager in connection with the placement of the new bond issue.

An application will be made for the bonds to be listed on Oslo Børs.

For more information please contact:

Mikkel Tørud, CFO
Mobile: +47 97699144

 
About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide.

As a long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.

To learn more, visit www.scatecsolar.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Read more: Scatec Solar ASA: Successful placement NOK 750...

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ET | Source: RGS Energy

DENVER, Oct. 26, 2017 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), America’s original solar company since 1978, has been selected by Solarize North Haven, a community-based residential solar purchasing cooperative, to bring solar electricity to homes and businesses in North Haven, Connecticut.

Solarize North Haven is a community-supported buying program that offers discounted group pricing, town-wide education and outreach support, as well as high quality equipment at reduced pricing and flexible financing to significantly reduce the cost of solar for North Haven’s approximately 8,600 households. The campaign and sign-up period begins November 16, 2017 and will run through April 5, 2018.

“The Town of North Haven has endorsed the goals of Solarize Connecticut and we are pleased to once again be able to offer our residents interested in alternative energy solutions this option,” said Michael Freda, North Haven’s First Selectman. “Solar energy is good for the environment and can save homeowners money on their utility bills, and these upcoming workshops provide an opportunity for our residents to explore going solar.”

Thomas Champlin, RGS Energy’s director of East Coast sales, commented: “Our local employees at our facility in Bloomfield believe in strong customer service and the benefits of solar to our communities, where we work and live. I myself, and our entire east coast organization, are very pleased that our service performance continues to be recognized by local townships who select RGS Energy as the solarize provider of choice.”

To learn more about the Solarize North Haven campaign, visit http://solarizect.com/our-towns/north-haven/

About RGS Energy 
RGS Energy (NASDAQ:RGSE) is America’s original solar company providing solar, storage and energy services, whose mission is to provide clean energy savings. The company sells, designs and, installs solar systems for residential homeowners and small business companies. The company is also the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. 

For more information, visit RGSEnergy.com, RGSPOWERHOUSE.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.

RGS Energy is the Company’s registered trade name. The company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding the RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies.  Forward-looking statements are neither historical facts nor assurances of future performance.  Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations.  The words “plan,” “future,” “believe,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements.  Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the level of demand for RGS Energy’s solar energy systems; the increase in property value from solar ownership; our ability to generate sales and make installations under the Solarize Connecticut program; and our ability to assist residents of the Town of North Haven to help achieve their renewable energy objectives.

You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, and in our Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: RGS Energy Awarded Another Solarize Community,...

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ET | Source: JA Solar Holdings Co., Ltd.

BEIJING, Nov. 06, 2017 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or "JA"), one of the world's largest manufacturers of high-performance solar power products, today announced that it will report its financial results for the third quarter ended September 30, 2017 before the U.S. market open on Wednesday, November 15, 2017.

JA Solar's management will host an earnings conference call on November 15, 2017 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. China Time).

Dial-in details for the earnings conference call are as follows:

     
  Phone Number Toll-Free Number
United States +1 8456750437 +1 8665194004
Hong Kong +852 30186771 +852 800906601
Mainland China +86 8008190121
+86 4006208038
 
Other International +65 67135090  
     

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 7597129.

A replay of the conference call may be accessed by phone at the following numbers until November 23, 2017.  To access the replay, please reference the conference ID 7597129.

     
  Phone Number Toll-Free Number
United States +1 6462543697 +1 8554525696
Hong Kong +852 30512780 +852 800963117
Mainland China +86 8008700206
+86 4006322162
 
Other International +61 281990299  
     

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at http://www.jasolar.com.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world's largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 5.2 GW of solar power products in 2016. JA Solar is headquartered in Beijing, China, and maintains production facilities in Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang, Malaysia and Hanoi, Vietnam.

For more information, please visit www.jasolar.com.

CONTACT:
The Blueshirt Group
Ralph Fong
Phone: +1 (415) 489-2195
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JA Solar Holdings Co., Ltd.

Zhabei, CHINA

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ET | Source: RGS Energy

DENVER, Oct. 31, 2017 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), America’s original solar company since 1978, will hold a conference call on Monday, November 13, 2017 at 4:30 p.m. Eastern time to discuss results for the third quarter ended September 30, 2017. The financial results will be issued in a press release prior to the call.

RGS Energy management will host the presentation, followed by a question and answer period.

Date: Monday, November 13, 2017
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-800-289-0438
International dial-in number: 1-323-794-2423
Conference ID: 4995962
Webcast: http://public.viavid.com/index.php?id=127150

The conference call will be webcast live and available for replay via the investor relations section of the company's website at RGSEnergy.com.

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 20, 2017.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 4995962

About RGS Energy 
RGS Energy (NASDAQ:RGSE) is America’s original solar company providing solar, storage and energy services, whose mission is to provide clean energy savings. The company sells, designs and, installs solar systems for residential homeowners and small business companies. The company is also the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. 

For more information, visit RGSEnergy.com, RGSPOWERHOUSE.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.

RGS Energy is the Company’s registered trade name. The company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.” POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566

Denver, Colorado, UNITED STATES

  http://www.rgsenergy.com

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566

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LOGO URL | Copy the link below

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ET | Source: Scatec Solar

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, October 23, 2017: Scatec Solar ASA (the "Issuer" or "Scatec Solar") is currently in the process of assessing its options to secure longer term funding beyond the maturity of the outstanding bond SSO01 G (ISIN NO0010752298, maturing in November 2018). The Issuer has mandated Nordea Bank AB (publ), Filial i Norge, Swedbank Norge, Norwegian Branch of Swedbank AB (publ) and ABN AMRO Bank N.V. (the "Mandated Banks") to arrange a series of fixed income investor meetings commencing on Wednesday 25 October 2017. Following the investor meetings, a NOK denominated, senior unsecured green bond issue with a 4-year tenor will  follow, subject to, inter alia, market conditions. A potential bond issue would be intended to refinance SSO01 G and for general corporate purposes.                      

For more information please contact:

Mikkel Tørud, CFO

Mobile: +47 97699144


About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. As a long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.8 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.

To learn more, visit www.scatecsolar.com
 

Important Notice

The contents of this announcement have been prepared by, and are the sole responsibility of, the Issuer. The Issuer's financial advisors are acting exclusively for the Issuer and no one else, and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients, or for advice in relation to the potential bond issue (the "Transaction"), the contents of this announcement or any of the matters referred to herein. The Transaction and the distribution of this announcement and other information in connection with the Transaction may be restricted by law in certain jurisdictions. The Issuer assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction.

The Transaction has not been, and will not be, made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Transaction in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Issuer or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.

This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any bonds in relation to the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States. This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Issuer. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Issuer only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.

This document does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Mandated Banks to subscribe or purchase, any of the securities under this transaction. No person has been authorised to give any information or to make any representation other than those contained in this document in connection with the issue or sale of the securities and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer or the Mandated Banks.

The Mandated Banks have not separately verified the information contained in this document and make no representation, express or implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information in document. To the fullest extent permitted by law, the Mandated Banks accept no responsibility whatsoever for the contents of this document or for any other statement, made or purported to be made by a Mandated Bank or on its behalf in connection with the Issuer or the issue and offering of the securities. Each Mandated Bank accordingly disclaims all liability which it might otherwise have in respect of this document, in relation to this issue and offering of the securities or any such statement.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Read more: Scatec Solar ASA fixed income investor meetings

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ET | Source: Scatec Solar

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, November 6, 2017: Scatec Solar ASA (the "Issuer") hereby gives conditional notice that it will redeem in full its outstanding NOK 500,000,000 FRN Senior Unsecured Bond Issue 2015/2018 (ISIN NO0010752298) (the "Bonds").

Unless otherwise defined herein, terms used in the consent solicitation memorandum dated 23 October 2017 (the "Consent Solicitation Memorandum") shall have the same meaning in this announcement.

In accordance with the bond agreement governing the Bonds (the "Bond Agreement"), the Issuer has today sent notice of Early Redemption to the Bondholders. All Bonds are contemplated to be redeemed at the early redemption price (the "Early Redemption Price") corresponding to 104.25 per cent. of par value together with accrued and unpaid interest in accordance with the Bond Agreement.  

The Early Redemption settlement date is set to and will be made on or about 23 November 2017. Payment of the Early Redemption Price will, if completed, be made to each person who, in accordance with the Bond Agreement, is registered as a Bondholder in the Securities Depository at end of business on 21 November 2017.

This notice of Early Redemption is conditional on the successful settlement of the issue of New Bonds priced on 31 October 2017. No separate announcement will be released once this condition has been fulfilled.

Subject to settlement of the issue of New Bonds, payment of the Early Consent Fee of 0.50 per cent. in respect of the Bonds will be paid on or around the Early Redemption date to eligible investors in accordance with the terms and conditions of the Consent Solicitation, as described in the Consent Solicitation Memorandum.  

For questions relating to the Early Redemption or the Consent Solicitation, please contact the Solicitation Agents.

Solicitation Agents:
Nordea Bank AB (publ), Filial i Norge
Tlf.: +45 6161 2996
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Swedbank Norge, Norwegian Branch of Swedbank AB (publ)
Tlf.: +46 8 700 90 22
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Consent Solicitation Paying Agent:
Nordea Bank AB (publ)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.

 With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway.

Important Notice
The contents of this announcement have been prepared by, and are the sole responsibility of, the Issuer. The Issuer's financial advisors are acting exclusively for the Issuer and no one else, and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients, or for advice in relation to the Proposal or the New Bond Issue (collectively the "Transaction"), the contents of this announcement or any of the matters referred to herein. The Transaction and the distribution of this announcement and other information in connection with the Transaction may be restricted by law in certain jurisdictions. The Issuer assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction.

The Transaction has not been, and will not be, made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Transaction in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Issuer or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.

This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any bonds in relation to the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States. This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Issuer. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Issuer only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

 

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ET | Source: RGS Energy

KAILUA, Hawaii, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Sunetric, Hawaii’s Solar Authority since 2004 and a wholly-owned subsidiary of RGS Energy (NASDAQ:RGSE), welcomes the launch of two new programs, recently approved by the Hawaii Public Utilities Commission (HPUC), which are favorable to solar customers and the local market.

The new programs, Smart Export and CGS+, provide significant incentives in the form of credits to utility customers considering going solar. In addition to the environmental benefits, they are making solar much more economically attractive.

The Smart Export program offers a new option for homeowners installing a rooftop solar system combined with a battery energy storage system. The energy storage system will recharge during daylight hours using energy captured by the solar panels, and then it will power their home in the evening, with an option to export electricity back to the grid. If the utility customer sends power back to the grid during non-daytime hours, they will receive a monetary credit on their electricity bill.

CGS+, also known as Controllable CGS, is the successor to the popular CGS program. Under this new program, CGS+ customers can install a solar system without a storage system, but with special equipment that can export energy to the electric grid during the daytime and allows the electric utility to manage power from the system as required.

In line with these new programs, in recent months Sunetric has broadened its product offerings:

  • PowerStackTM: was introduced to Hawaii in partnership with Sunnova Energy Corp., along with an exclusive offer that makes installing solar with storage more affordable. Customers can enjoy a 25-year lease program, backed by a warranty.
     
  • sonnenBatterie, a smart battery storage solution offered by Sonnen, was introduced to Hawaii residential customers. Sonnen has a history of safety, stability, long lifecycle and worldwide installation integrity.

“The new programs approved by the HPUC shows that solar is still very much alive and well in Hawaii,” said Sunetric’s vice president, Darren Jennings. “Our local Sunetric team is excited about the benefits now available to solar customers under these two programs, which help support our state’s commitment to achieve 100% sustainability with renewable, clean energy like solar.”

About Sunetric
Sunetric is Hawaii’s Solar Authority, providing full-service renewable energy firm operating throughout Hawaii. The company sells, designs, installs solar systems for residential homeowners and commercial companies. Sunetric is a wholly-owned subsidiary of RGS Energy.

For more information, visit www.sunetric.com. Information on such website is not incorporated by reference into this press release.

About RGS Energy 
RGS Energy (NASDAQ:RGSE) is America’s Original Solar Company providing solar, storage and energy services, whose mission is to provide clean energy savings. The company sells, designs, installs solar systems for residential homeowners and small business companies. The company is also the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. 

For more information, visit RGSEnergy.com, RGSPOWERHOUSE.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.

RGS Energy is the Company’s registered trade name. The company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566

Denver, Colorado, UNITED STATES

  http://www.rgsenergy.com

Investor Relations Contact

Ron Both
Managing Partner, CMA
Tel 1-949-432-7566

RGS Energy Logo

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ET | Source: Scatec Solar

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, October 23, 2017: Scatec Solar ASA (the "Issuer") is inviting the holders (the "Bondholders") of its outstanding NOK 500,000,000 FRN Senior Unsecured Green Bond Issue 2015/2018 (ISIN NO0010752298) (the "Bonds") to approve certain amendments (the "Proposal") to the bond agreement governing the Bonds (the "Bond Agreement") at a bondholders' meeting (the "Bondholders' Meeting").

Concurrently, the Issuer is also announcing that it is soliciting consents through Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB (publ) (together, the "Solicitation Agents") from Bondholders under a separate process (the "Consent Solicitation"). The Consent Solicitation is subject to the terms and conditions and restrictions set out in the consent solicitation memorandum dated 23 October 2017 (the "Consent Solicitation Memorandum"). Capitalized terms used herein shall have the meaning ascribed to them in the Consent Solicitation Memorandum.

Consent Solicitation from Bondholders
The Issuer is requesting that Bondholders approve the Proposal in order to permit an early redemption of the Bonds (the "Early Redemption") at a redemption price (the "Early Redemption Price") of 104.25 per cent. of par value (plus accrued interest on the redeemed Bonds) for settlement on a date no earlier than 17 November 2017.

A Bondholder who delivers a valid Voting Instruction in favour of the Proposal together with a proof of holding to the Consent Solicitation Paying Agent named below before 12:00 (CET) on 30 October 2017 (the "Early Consent Fee Deadline") will also be eligible to receive an early consent fee of 0.50 per cent in respect of the Bonds for which a vote has been cast (the "Early Consent Fee") and a priority in the allocation of the New Bonds (as described further below). For the avoidance of doubt, the total consideration to such Bondholders who vote in favour of the Proposal before the Early Consent Fee Deadline will be 104.75 per cent of par value.

Payment of the Early Consent Fee will take place if the Proposal is passed at the Bondholders' Meeting, the Issuer implements the Early Redemption provision into the Bond Agreement and the issuance of New Bonds has settled or is about to settle.

The Bondholders' Meeting will be held at the offices of Nordic Trustee ASA, Haakon VIIs gt 1, 0161 Oslo, 6th floor at 09:00 (CET) on 6 November 2017.

Bondholders who vote in person or represented by proxy (other than a Voting Instruction to the Solicitation Agents) at the Bondholders' Meeting or the Repeated Bondholders' Meeting will not be eligible to receive the Early Consent Fee, but all Bondholders will receive the Early Redemption Price if the Early Redemption is completed. Bondholders are advised to read carefully the Consent Solicitation Memorandum for full details of and information on the Early Redemption and the procedures for participating in the Consent Solicitation. The deadline for submission of valid Voting Instructions is before 16:00 (CET) on 2 November 2017 (the "Final Consent Deadline").

Priority in the allocation of the New Bonds
The Issuer is contemplating issuing a new bond (the "New Bond Issue") in conjunction with an Early Redemption. A Bondholder that wishes to subscribe for bonds in the New Bond Issue ("New Bonds") in addition to participating in the Consent Solicitation may receive priority in the allocation of the New Bonds (the "New Issue Allocation"). The New Issue Allocation may be given for an aggregate principal amount of New Bonds up to the aggregate principal amount of Bonds subject to a Bondholder's valid Voting Instruction in favour of the Proposal, where an allocation of New Bonds is also requested. Bondholders should contact any of the Solicitation Agents to obtain a unique reference number in respect of the New Issue Allocation.

If any Bondholder wishes to subscribe for New Bonds it must make an application to subscribe for such New Bonds to any of the Joint Lead Managers of the New Bonds. Nordea Bank AB (publ), Filial i Norge and Swedbank Norge, Norwegian Branch of Swedbank AB (publ) act as Joint Lead Managers for the issue of the New Bonds.

In order to participate in the Consent Solicitation, investors are requested to submit a Voting Instruction together with a valid proof of holding to the Consent Solicitation Paying Agent.

To receive copies of the Consent Solicitation Memorandum or for questions relating to the Consent Solicitation, please contact the Solicitation Agents.

Solicitation Agents:
Nordea Bank AB (publ), Filial i Norge
Tlf.: +45 6161 2996
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Swedbank Norge, Norwegian Branch of Swedbank AB (publ)
Tlf.: +46 8 700 90 22
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Consent Solicitation Paying Agent:
Nordea Bank AB (publ)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of close to 600 MW.

Currently, the company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 WM are under construction.

With an established global presence, the company is growing briskly with a project backlog and pipeline of more than 1.8 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway.

Important Notice
The contents of this announcement have been prepared by, and are the sole responsibility of, the Issuer. The Issuer's financial advisors are acting exclusively for the Issuer and no one else, and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients, or for advice in relation to the Proposal or the New Bond Issue (collectively the "Transaction"), the contents of this announcement or any of the matters referred to herein. The Transaction and the distribution of this announcement and other information in connection with the Transaction may be restricted by law in certain jurisdictions. The Issuer assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction.

The Transaction has not been, and will not be, made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Transaction in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Issuer or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.

This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any bonds in relation to the Transaction have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States. This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Issuer. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Issuer only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

Read more: Scatec Solar ASA announces consent solicitation

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