CPE invests €10m in Metallkraft
Climate Change Capital Private Equity (CPE), has led a convertible bond issue in Metallkraft, a Norwegian company that has developed a patented process to recycle spent slurry used in cutting solar silicon wafers.
CPE has subscribed for NOK 85m (€10.3m) of the NOK 140m (€17m) total convertible bond issue alongside existing shareholders and other investors. The convertible bonds have a 12% coupon per annum and a three year term. The deal was carried out via the firms €200m fund dedicated to investments in clean technology companies.
With plants already operational in Norway and China, Metallkraft will use the proceeds from the convertible bond issue to support its new plant in Singapore which will service the 740 MW wafer plant being commissioned by Renewable Energy Corporation (“REC”), part of the world’s largest integrated solar plant, and future expansion plans in China.
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