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News Jul 20, 2017

Shearman & Sterling Advises ZZ Capital on Its Investment in Building Energy

Shearman & Sterling advised ZZ Capital International Ltd (ZZCI) on its investment in Building Energy 1 Holdings plc (Building Energy), a global, vertically integrated, multi-technology independent power producer operating in the renewable energy industry. The investment was structured through the subscription for mandatorily convertible bonds and equity interests.

The deal was sourced and led by ZZCI, which invested alongside Zhongzhi Capital (ZZC) and was introduced by ZZCI as co-investor. ZZCI is listed on the GEM Board of the Hong Kong Stock Exchange. The total amount of ZZCI’s and ZZC’s investment in Building Energy is approximately €70 million. In addition to ZZC, ZZCI has invested alongside Synergo and Three Hills Capital Partners, which prior to this transaction held existing stakes of 30 percent and 7 percent respectively in Building Energy.  

As part of the transaction, the Building Energy group has been redomiciled from Italy to the UK to benefit from the depth of London’s capital markets, the breadth of expertise in renewable energy in the UK and the supportive environment for high growth companies.  

ZZCI is a global alternative investment firm headquartered in Hong Kong, with offices in Hong Kong, London, New York, and Tel Aviv. ZZCI focuses on helping owners and management of companies worldwide to grow and expand their businesses in China as well as globally. The firm focuses on five high growth sectors: Environmental, Healthcare, Industrial, Financial Services and Education/ Media & Technology.  

The Shearman & Sterling advising ZZCI was led by partners Paul Strecker (London-Mergers & Acquisitions) and Domenico Fanuele (Rome-Mergers & Acquisitions), and included counsel Andrea De Pieri (Rome- Mergers & Acquisitions), associates Paul Pasalic, Tom Barker, Michael Skouras (all London-Mergers & Acquisitions), and Leonardo Pinta (Rome-Mergers & Acquisitions).