Suntech supersizes

February 8, 2007 - Exclusive
By Dana Childs, Cleantech Group

"Would you like extra-large fries with your extra $125M?"

As we reported earlier this week, public Chinese solar maker Suntech announced it was raising an additional $300 million USD.

Today, that number went up.

It's a great illustration of the continued general frenzy in greentech, in an otherwise relatively (!) quiet week on the deal front.

Here's what we saw:

  • Suntech Power Holdings today announced the pricing of $425M USD of 0.25% convertible senior notes due 2012. As a result of "strong investor interest and market demand," the offering size was upped from $300 million to $425 million. Pricing took place after one day of marketing. The notes are to pay cash interest semiannually at a rate of 0.25 percent per annum. The initial conversion rate is to be 20.5074 ADSs per $1,000 (which represents an initial conversion price of approximately US$48.76 per ADS). The deal is expected to close early next week.
  • Seattle bioengineering company Targeted Growth, which bolsters the growth rate of crops intended for biofuels, has raised $22.3 million. While the company last raised $10M in a series D round in May of 2006, this round was oversubscribed, according to the co., and led by Capricorn Management and AllianceBernstein. Capricorn Management is the investment firm of former eBay president Jeff Skoll. All previous investors also participated, the company said.
  • BrightSource Energy Inc. of Oakland, California has closed a Series A funding round of approximately $50 million. Backers include VantagePoint Venture Partners, Draper Fisher Jurvetson and Bay Area Equity Fund. The company develops utility-scale solar power plants using high-temperature solar thermal technology that concentrates sunlight and converts the resulting heat into electricity.
  • MissionPoint Capital Partners has closed an inaugural with $335 million fund to be focused on the greentech sector. Management includes Mark Schwartz, former president and CEO of Soros Fund Management and former chairman of Goldman Sachs Asia, Jesse Fink, co-founder and former COO of priceline.com and Mark Cirilli, CIO of Marshall Street Management.
  • ECO2 Plastics, recently renamed from ITEC Environmental Group, closed a $10M convertible debenture round of financing from Roaring Fork Capital and various angels. The company says it's developed a new, organic and eco-friendly way to reduce plastics.
  • SolBeam of Laguna Niguel, California has raised $500,000 in seed funding from NGEN Partners. SolBeam is a stealthy developer of solar concentration products.

Missed a piece of Suntech's action, yourself? Extra money burning a hole in your fund? Contact us.


More:

Cleantech developments making news in the past 24 hours

SolBeam

Could swear I've heard of these guys before. Anyone know more about SolBeam? There's nothing on the web.

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