In a press release announcing the deal, ISOTeam states it had invested $5 million for its stake in Sunseap in 2017, comprising 39,475 Series C convertible preference shares and 5,611 ordinary shares.
ISOTeam has, on Nov 5, entered into a purchase and sales agreement to dispose of its entire interest in Sunseap Group, representing approximately 1.18% of shares, for a proposed sale consideration of $12.2 million.
The stake is being sold to global renewable energy player EDP Renováveis, S.A. (EDPR). EDPR, a company incorporated in Spain and listed on Euronext Lisbon, is acquiring majority control of Sunseap. On Nov 3, Sunseap had announced EDPR has bought a substantial stake in a deal that values the company at $1.1 billion.
