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DLA Piper advises on USD10m investment in Chinese UMG silicon producer

Law firm DLA Piper has provided legal counsel to HSBC Asian Ventures Fund 3 in its USD10m equity investment funding in Jaco SolarSi, one of the world’s largest suppliers of upgraded met

Law firm DLA Piper has provided legal counsel to HSBC Asian Ventures Fund 3 in its USD10m equity investment funding in Jaco SolarSi, one of the world’s largest suppliers of upgraded metallurgical 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 that has achieved commercial production in China. The injection of funds will enable the company 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 has considerable environmental benefits compared with the alternative, polysilicon, being less capital and energy intensive during the manufacturing process.

Greene, a partner with DLA Piper Shanghai, says: "There is no doubt solar energy and other clean energy sources are increasingly being adopted to build a greener future for the world. The 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), an indirectly-held subsidiary of HSBC Holdings.

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