DEALS
Zhong Lun Advises Zhaoheng Hydropower on Investment from PE Firm Olympus Capital
Zhong Lun Advises Zhaoheng Hydropower on Investment from PE Firm Olympus Capital
China-focused hydropower company Zhaoheng Hydropower Co., Ltd. announced on July 14, 2009 that it has secured an investment of US$47.5 million from private equity firm Olympus Capital Holdings Asia.
A team of Zhong Lun Law Firm from Shenzhen office, which was led by partner Jack Lai ,and also composed of attorneys-at-law Wendy Guo, Victor Chen, Heron Chen and Ginny Shi, served as PRC counsel for Zhaoheng Hydropower on the equity-raising. Baker & Mckenzie acted as the company’s international counsel.
The investment is part of a larger equity-raising by Zhaoheng Hydropower totaling US$57.5 million. The balance US$10 million has been contributed by its parent company, Zhaoheng International, a Shenzhen-based company focusing on hydropower electricity generation.
Zhaoheng Hydropower owns and operates power generating assets with a total installed capacity of around 200 megawatts. The hydropower company has a target to own 1,000MW of hydropower capacity by 2014 through both organic growth and acquisitions.
With the investment, Olympus Capital said it has got the right to nominate one director to the board of Zhaoheng Hydropower. Olympus Capital is an Asia-focused private equity fund which was established in 1997 and has headquarters in New York and Hong Kong. It has committed US$1.3 billion to 30 companies across the region.