China (LAWFUEL) – DLA Piper today announced it has provided legal counsel to HSBC Asian Ventures Fund 3 Limited (“HAV3”) in its US $10 million equity investment funding in JACO SOLARSI LIMITED (“JACO”), one of the world’s largest suppliers of upgraded metallurgical (UMG) silicon. Partner Jeff Greene led the deal team which included lawyers Luanne Lu and Ally Tang, all from DLA Piper’s Shanghai office.
JACO is the only supplier of UMG silicon which has achieved commercial production in China. With the injection of funds from HAV3, JACO will be able to expand capacity and to conduct further technological improvements in order to achieve higher quality and a lower cost of UMG silicon. The investment boosts the development of UMG silicon in China, a material used in the manufacturing of solar energy products and applications. It boasts considerable environmental benefits compared with the alternative, polysilicon, being less capital and energy intensive during the manufacturing process.
Jeff Greene, partner of DLA Piper Shanghai, said: “There is no doubt solar energy and other clean energy sources are increasingly being adopted to build a greener future for the world. HAV3’s investment in JACO is in line with China’s efforts to develop sustainable energy.”
The HSBC Asian Ventures Fund 3 Limited is a venture capital fund that focuses on investments in higher growth and technology-focused business, including renewable and other alternative energy companies. It is managed and advised by wholly-owned subsidiaries of HSBC Private Equity (Asia) Limited, an indirectly-held subsidiary of HSBC Holdings plc.
JACO SOLARSI LIMITED commenced operations in 2006 as a producer of UMG silicon in China. Its products are used in the production of wafers and cells in the solar energy industry. UMG silicon is an alternative base material to polysilicon that is used in the manufacturing of solar energy products and applications. JACO focuses on the development of solar-grade silicon through a metallurgical process.List your legal jobs on the LawFuel Network