0001104659-14-088339.txt : 20141223 0001104659-14-088339.hdr.sgml : 20141223 20141223061610 ACCESSION NUMBER: 0001104659-14-088339 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20141223 DATE AS OF CHANGE: 20141223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sky Solar Holdings, Ltd. CENTRAL INDEX KEY: 0001594124 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36703 FILM NUMBER: 141304617 BUSINESS ADDRESS: STREET 1: SUITE 1604 9 QUEEN'S ROAD, CENTRAL CITY: HONG KONG STATE: F4 ZIP: 00000 BUSINESS PHONE: 852-2107-3188 MAIL ADDRESS: STREET 1: SUITE 1604 9 QUEEN'S ROAD, CENTRAL CITY: HONG KONG STATE: F4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: Sky Power Holdings Ltd. DATE OF NAME CHANGE: 20131212 6-K 1 a14-26687_16k.htm 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 


 

FORM 6-K

 


 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the Month of December 2014

 

Commission File Number 001-36703

 

Sky Solar Holdings, Ltd.

(Translation of registrant’s name into English)

 

Suite 1604, 9 Queen’s Road, Central

Hong Kong Special Administrative Region

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x   Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

 

Yes o   No x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

 

Yes o   No x

 

 

 



 

EXHIBIT INDEX

 

Number

 

Description of Document

 

 

 

99.1

 

Press Release

 

 

 

99.2

 

Press Release

 

 

 

99.3

 

Press Release

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Sky Solar Holdings, Ltd.

 

 

 

 

By:

/s/ Mr. Andrew Wang

 

Name:

Mr. Andrew Wang

 

Title:

Chief Financial Officer

 

 

Date: December 23, 2014

 

3


EX-99.1 2 a14-26687_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

Sky Solar Announces Entry Into China Solar Market

 

HONG KONG — December 22, 2014 /Globe Newswire/ - Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the “Company”), a global renewable energy developer and independent power producer today announced its intention to enter the Chinese solar market.  Sky Solar believes that the country is a high-priority growth opportunity due to its large size and rapidly growing renewable energy sector, as well as the Company’s own extensive knowledge of the market.

 

The Company intends to own fully operational solar assets, as well as build and transfer assets to external third parties which are mainly state-owned conglomerates and public companies.  The Company has always planned to target selective provinces with large imbalances between power supply and demand, as well as the most attractive financial strength, based on the ability to make timely payments of feed-in-tariffs.

 

The Company’s board of directors approved the establishment of legal and operational entities to enter the China market, and authorized the Company’s management team to evaluate acquisition targets to build the operating assets in China.  Among the targets under evaluation include solar park and EPC assets owned by private entities controlled by the Company’s Chairman, Mr. Weili Su, which own 165 MW of projects in operation and under construction and 4.9 GW of projects in various stages of development.

 

Pursuant to the Company’s Corporate Governance Guidelines, a majority of the Company’s directors, including all of the Company’s independent directors, must approve any acquisition of businesses, solar parks or other assets from related parties or independent third parties. All approvals are based on a myriad of factors including but not limited to IRR, technical specifications of the solar project (including sun irradiation hours, components and performance guarantees) and technical, financial and legal due diligence. The Company believes that these strong internal controls ensure that any related-party transaction will occur at a fair market price. In addition, under the Company’s Corporate Governance Guidelines, two-thirds of all shareholders must also approve certain purchases from related parties that are individually or in the aggregate over the last twelve months equivalent to 20% or more of the Company’s market capitalization.

 

The Company is also establishing a new business platform, to be named “Sky-Link”, for integrating supply-chain and industry data and analysis, and standardizing solar project quality control and monitoring.  The Company will use these capabilities internally as well as offer the services to third parties for a fee.  The Company is evaluating a potential acquisition of Changzhou Sky Solar New Energy Technology Co., Ltd. (“Changzhou Sky Solar New Energy Technology”) at fair market value by Sky-Link, in order to quickly enter the solar project quality control and monitoring business.  Changzhou Sky Solar New Energy Technology is a well-established vendor of services including (i) PV materials, products and plants testing, (ii) project acceptance inspections, and (iii) solar project supervision.  Changzhou Sky Solar New Energy Technology is a related entity controlled by the Company’s Chairman Mr. Su, and accordingly the acquisition would be need to be approved under the Company’s strict Corporate Governance Guidelines.

 



 

To quickly establish Sky Solar’s China operations, the Board has approved the transfer of a number of experienced senior leaders from the private entities controlled by Chairman Su to Sky Solar Holdings, Ltd. The Company expects the addition of these experts to provide the market and operating knowledge necessary for the Company to succeed in this initiative. Notable management changes include the appointment of the Company’s current Chief Investment Officer, Mr. Zhi Hao, as the new Managing Director of Sky Solar China.  Mr. Yu Hu, a new addition to the Company, will be appointed as Executive Vice President of the Company and President of Sky-Link.

 

The Company is currently pursuing a number of financing alternatives to implement the proposed transactions associated with this strategic initiative.

 

About Sky Solar Holdings, Ltd.

 

Sky Solar Holdings is a global independent power producer (“IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. The Company’s broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream PV segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of September 30, 2014, the Company has developed 200 solar parks with an aggregate capacity of 181.7 MW and owns and operates 54.5 MW of solar parks.

 

Safe-Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Sky Solar’s filings with the U.S. Securities and Exchange Commission, including its final prospectus filed pursuant to Rule 424(b)(4). Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 



 

For Additional Information:

 

Company:

 

Matthew Yeh

IR@skysolarholding.com

 

Investor Relations:

 

ICR, LLC

Gary Dvorchak, CFA

Senior Vice President

China: +86 (10) 6583-7500

US: +1 (310) 954-1123

gary.dvorchak@icrinc.com

 


EX-99.2 3 a14-26687_1ex99d2.htm EX-99.2

Exhibit 99.2

 

GRAPHIC

 

Sky Solar Announces Changes to Executive Management Team

 

New Appointments Align Managerial Talent with Highest Priority Growth Opportunities

 

HONG KONG — December 22, 2014 /Globe Newswire/ - Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the “Company”), a leading global developer, owner and operator of solar parks, today announced changes to its executive management team, effective immediately:

 

·                  Mr. Weili Su, Chairman of the Board and founder of Sky Solar Holdings, is appointed to an additional role as the new Chief Executive Officer.  He will be responsible for managing the daily operations of the Company.

 

·                  Ms. Amy Zhang is appointed Deputy Chairman of the Board and Chief Strategy Officer.  She will be responsible for external communications, supervising research and development for new techinology advancement, leading corporate financing efforts, and supporting the Audit Committee to perform the internal audit.

 

·                  Mr. Zhi Hao is appointed Managing Director of Sky Solar China. He will lead the company’s expansion into the China market, with a focus on acquisitions of shovel-ready pipelines and operational solar assets, project financing, and business partnerships.

 

·                  Mr. Yu Hu was hired on Dec. 1, 2014 and is appointed Executive Vice President of the Company and the President of Sky-Link. He will be responsible for financing, supply-chain coordination, and management of daily Sky-Link operations, which will be mainly dedicated to solar station data warehouse management, quality control, and management of EPC activity.

 

Mr. Su is the founder of Sky Solar Holdings and has been closely involved in its operations as director and executive chairman since October 2009.  Mr. Su has over 12 years of experience in the solar power industry.  Prior to founding Sky Solar, Mr. Su served as a director and secretary of the board for Yingli Green Energy Holding Co., Ltd., a NYSE-listed company, from November 2001 to September 2004.

 

Mr. Su commented, “We are excited about these new management appointments, as we align our skill sets with Sky Solar’s most important growth opportunities.  My new role as CEO simply formalizes my daily involvement in the company I founded.  For the past three and a half years, Amy has nurtured Sky Solar through private rounds of financing and the success of our recent IPO. She has achieved impressive results in project development and execution. We now need her financial skills focused on funding our growth, both via the capital markets and project-related sources.  Zhi proved his ability to identify the best prospective projects for us, and we now want him focused on what could be our largest growth opportunity in the huge China market.  I believe these new responsibilities best harness our managerial talent to drive growth in the quarters ahead.”

 



 

About Sky Solar Holdings, Ltd.

 

Sky Solar Holdings is a global independent power producer (“IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity.  Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa.  The Company’s broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks.  Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends.  As a result of its focus on the downstream PV segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements.  As of September 30, 2014, the Company has developed 200 solar parks with an aggregate capacity of 181.7 MW and owns and operates 54.5 MW of solar parks.

 

Safe-Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Sky Solar’s filings with the U.S. Securities and Exchange Commission, including its final prospectus filed pursuant to Rule 424(b)(4). Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

For Additional Information:

 

Company:

 

Matthew Yeh

IR@skysolarholding.com

Investor Relations:

 

ICR, LLC

Gary Dvorchak, CFA

Senior Vice President

China: +86 (10) 6583-7500

US: +1 (310) 954-1123

gary.dvorchak@icrinc.com

 


EX-99.3 4 a14-26687_1ex99d3.htm EX-99.3

Exhibit 99.3

 

GRAPHIC

 

Sky Solar Announces Project Financing Packages

 

HONG KONG — December 22, 2014 /Globe Newswire/ - Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the “Company”), a leading global developer, owner and operator of solar parks, today announced key developments in financing for projects in two important growth markets: (i) the approval of a syndicate of loans led by the Inter-American Development Bank (“IDB”) will provide over US$50.1 million in debt financing for the Company’s 44 MW Arica 1 solar power plant in Chile’s Atacama desert; and (ii) the closing of a CAD3.7 million (US$3.2 million) 15-year loan at 5.75% from PNC Bank will refinance three recently completed rooftop projects in Ontario, Canada with total capacity of 1 MW, representing the first tranche in a CAD21.7 million (US$18.7 million) loan financing package that will fund the development of 16 projects with 6.2 MW of capacity in Ontario.

 

Arica 1 Chile Project Financing

 

The Board of Directors of the IDB approved a financing package for the Arica 1 plant that consists of (i) a loan to Sky Solar’s subsidiary, Arica Solar Generación 1, Ltda., of US$27.7 million from the ordinary capital of the IDB (the “IDB Loan”), (ii) a loan of up to half the amount of the IDB Loan, or US$13.9 million, from the China Fund for Latin America and the Caribbean (the “China Fund”), and (iii) a loan of US$8.5 million from the Clean Technology Fund (the “CTF”). The final commercial terms for the loans have not yet been decided.

 

The IDB is a development bank owned by 48 member countries that provides loans, grants, technical assistance and research for infrastructure and economic development projects across Latin America and the Caribbean. The China Fund is administered by the IDB. The CTF is a funding window of the Climate Investment Funds with US$5.3 billion of assets, and was established in 2008 to provide scaled-up financing to middle-income countries to contribute to the demonstration, deployment and transfer of low carbon technologies.

 

The Arica 1 project will be situated 26 km northeast of the City of Arica in Chile’s Atacama desert, one of the world’s best solar resources. Arica 1 is designed to generate 44 MW of power, and will supply electricity to Chile’s northern electricity grid, Sistema Interconectado Norte Grande, where demand derives almost entirely from mining companies and other industrial users.  Power will be sold into the spot market, an arrangement intended to demonstrate the viability of the production and sale of renewable energy without a power purchase agreement (“PPA”).

 

“We are pleased to announce the approval of this financing package for Arica 1, one of Sky Solar’s premier projects. We intend to commence construction immediately after the closing of the loans,” said Ms. Amy Zhang, Deputy Chairman of Sky Solar Holdings. “The project will provide much-needed energy to the high-growth mining industry in the region, thus fostering economic development and promoting local environmental sustainability. Conventional fossil energy sources producing the same amount of energy would emit roughly 54,000 tons of greenhouse gases annually.”

 



 

Jean-Marc Aboussouan, Chief of the Infrastructure Division of the IDB’s Structured and Corporate Finance Department, added, “Chile is currently heavily dependent on imported fossil fuels. This project will help diversify the energy matrix in Chile by incorporating renewable energy fueled by the exceptional solar resources of Chile’s Atacama Desert. The IDB is pleased to play an integral role in financing this project, which fits with our mission of fostering environmentally friendly economic development in the region.”

 

Sky Solar Canada Ontario Projects

 

On December 9 2014, Sky Solar (Canada) Ltd. successfully closed a CAD3.7 million (US$3.2 million) 15-year loan from PNC Bank at an interest rate of 5.75% that will refinance three recently completed rooftop projects in Ontario, Canada with total capacity of 1 MW. The three projects will be pledged as collateral for the loan. The three projects are part of a 6.2 MW, 16-rooftop package that is subject to the Ontario Power Authority’s FiT-1 program. The loan is being extended by Pittsburgh-based PNC Bank, a specialist in project financing and the fifth largest bank in United States. The loan represents the first tranche in a CAD21.7 million (US$18.7 million) loan financing package from PNC Bank that will fund the development of 16 projects with 6.2 MW of capacity in Ontario.  The remaining loans are expected to close during the first quarter of 2015, after completion of the remaining 13 projects. The FiT-1 program guarantees a competitive price for electricity supplied for the next twenty years.

 

About Sky Solar Holdings, Ltd.

 

Sky Solar Holdings is a global independent power producer (“IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. The Company’s broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream PV segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of September 30, 2014, the Company has developed 200 solar parks with an aggregate capacity of 181.7 MW and owns and operates 54.5 MW of solar parks.

 

About the Inter-American Development Bank

 

Established in 1959, the IDB is a leading source of development financing for Latin America and the Caribbean, with a strong commitment to achieve measurable results, increased integrity, transparency and accountability. It has an evolving reform agenda that seeks to increase development impact in the region. A regular bank in most ways, it is also unique in some key respects. Besides loans, it also provides grants, technical assistance and research. Shareholders are 48 member countries, including 26 Latin American and Caribbean borrowing members, who have a majority ownership of the IDB. Its Fund for Special Operations (FSO) provides concessional financing to the most vulnerable member countries. Given its shareholder base and prudent management, the IDB has a strong financial position, and is able to borrow in international markets at competitive rates and transfer that benefit to its clients.

 



 

About the Climate Investment Funds and Clean Technology Fund

 

The Climate Investment Funds (CIF) are a unique pair of financing instruments designed to test what can be achieved to initiate transformational change towards low-carbon and climate-resilient development through scaled-up financing channeled through the Multilateral Development Banks. The two funds are the Clean Technology Fund (CTF), financing scaled up demonstration, deployment and transfer of low-carbon technologies for significant greenhouse gas reductions within country investment plans; and the Strategic Climate Fund (SCF), financing targeted programs in developing countries to pilot new climate or sectoral approaches with scaling-up potential. Both the CTF and SCF trust fund committees have equal representation from developed and developing countries. Recognizing the imperative of climate change deliberations underway in the UN Framework Convention on Climate Change (UNFCCC), the CIF were designed as an interim measure to strengthen the global knowledge base for low-carbon and climate-resilient growth solutions. The CIF are implemented jointly by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, International Finance Corporation, and World Bank.

 

About the China Fund for Latin-America and the Caribbean

 

The China Fund for Latin-America and the Caribbean,the first of its kind established by China and a multilateral development bank, will provide capital to complement the IDB’s own resources for projects seeking to alleviate poverty and reduce inequality, boost private sector investment, improve competitiveness and social welfare, and support programs to mitigate the impacts of climate change and promote greater gender equality. In partnering with the IDB, China hopes to channel its resources toward the development of finance projects that require additional financing to make them viable.The proposed $2 billion contribution by China will be used to co-finance a total of up to $500 million in IDB public sector loans and up to $1.5 billion for loans made by the Bank to private sector entities. Co-financing fund resources will be used to complement IDB loans, subject to pre-established limits. The funds from China will be available for the next three years for public sector projects and the next six years for non-sovereign guaranteed operations.

 

Currency Convenience Translation

 

The conversion of Canadian dollars into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Canadian dollars as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2014, which was CAD1.1207 to US$1.00. No representation is intended to imply that the Canadian dollar amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate.

 



 

Safe-Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Sky Solar’s filings with the U.S. Securities and Exchange Commission, including its final prospectus filed pursuant to Rule 424(b)(4). Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

For Additional Information:

 

Company:

 

Matthew Yeh

IR@skysolarholding.com

Investor Relations:

 

ICR, LLC

Gary Dvorchak, CFA

Senior Vice President

China: +86 (10) 6583-7500

US: +1 (310) 954-1123

gary.dvorchak@icrinc.com

 

 

 


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