Bank Hapoalim (LSE: 80OA; TASE: POLI) unit Poalim Capital Markets has enjoyed its first exit from the Hudson Clean Energy Private Equity Fund. The Hudson Fund sold US solar energy firm Recurrent Energy to Japan's Sharp Corporation for $305 million.
Poalim Capital Markets did not report any details about its gains from the deal. Hudson closed a $1 billion fund for investment in renewable energy companies and estimates were that Poalim Capital Markets had invested $100 million in the cleantech fund.
The Hudson Clean Energy Private Equity Fund has invested in seven companies to date including Recurrent Energy. The fund has invested about half the $1 billion it raised.
Poalim Capital Investments CEO Amir Aviv said that the deal should be completed by the end of 2010. He said, "In just two years the fund has succeeded in improving the value of the company and make it an attractive target for acquisition by major global companies active in the field of solar energy."
Published by Globes, Israel business news - www.globes-online.com - on September 27, 2010
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