News / Goldman Sachs retreats from investment in Carrix while Mexican investor moves in

first_imgBy Gavin van Marle 09/01/2014 Investment bank Goldman Sachs has pulled out of its investment in US container operator SSA Marine in what could be the first in a new round of ownership changes in the port sector.The bank’s infrastructure private equity arm, Goldman Sachs Infrastructure Partners (GSIP), originally bought an undisclosed equity stake in SSA parent company Carrix in 2007, when investment in the port sector was at fever pitch and valuations were at record highs.A concern called FRS Capital Corp later became the parent company of Carrix– which includes SSA and terminal operation software company Tideworks Marine – joining GSIP and the Smith/Hemmingway family as shareholders.Yesterday however, Carrix announced that GSIP had sold its stake to the Smith/Hemmingway family. It also said that to inject further capital, the family had then sold a 49% stake to Mexican businessman Fernando Chico Pardo.While there has been no formal comment on the sale by GSIP, analysts believe it was a move likely to have been driven by the financial structure of the Goldman Sachs-controlled funds, rather than anything industry-related.Neil Davidson, senior analyst – ports and terminals at Drewry, told The Loadstar: “As far as we know, Carrix is a profitable company – it’s certainly very well respected and very well run and ticks all the boxes from an owner’s point of view.“So one would assume that there was a financial driver, in terms of funds reaching their maturity, and things simply having run their course.“The likely financial mechanics of the original investment were that if it was possible for this investor to exit now, in terms of the level of price it could get, then it would do so. So one would assume that the price it has been paid was an expected return on the investment.”The 2007 GSIP investment was made at a time when demand for US container port assets was at an all-time high in the investment community, with AIG Highstar Capital swooping for Ports America owner Marine Terminals Corp, and Deutsche Bank’s infrastructure investment arm RREEF topping the bill with a huge investment – in per teu terms – in New York’s Maher Terminals, prompting the question as to whether a new period of port investment may be on the way given that many of these prior investment may be reaching maturity.“There are probably other instances where similar decisions are being weighed,” added Mr Davidson.Carrix chairman Jon Hemingway said: “We’ve been fortunate the past seven years to work closely with one of the world’s leading investors in infrastructure and their fine people, but appreciate that, as with all investment funds representing an array of investors, they approach their investments with a need to invest, hold and then sell over a defined time frame.”SSA Marine has various container and bulk operations in 210 ports across the world, mostly in the US and Latin America, but some in Asia and South Africa. Its current flagship developments are in Oakland, California, where it is spearheading the development of automated container handling technology in its yard, and in Panama, where it is expanding its facility on the Atlantic entrance to the canal.Fernando Chico Pardo is the founder of Promecap, a Mexico City-headquartered financial investment company with stakes in infrastructure and other companies.He said: “I am looking forward to joining the Smith/Hemingway family in supporting and advancing Carrix in its many activities.“Carrix’s track record speaks for itself. We see a world-class portfolio of strategically well positioned terminals and other assets [which] will be the spring board for sustained future growth.”last_img read more

Details

Setback for Canadian Solar in legal wrangle

first_imgSetback for Canadian Solar in legal wrangleCanadian Solar’s apparent victory in its legal dispute with LDK Solar has been overturned by the court that awarded it. The dispute relates to wafer supply contracts which LDK says Canadian Solar broke. November 29, 2013 Max Hall Finance Manufacturing Markets Markets & Policy Share Chinese solar manufacturer and project developer Canadian Solar this morning announced its apparent victory in an ongoing dispute with wafer manufacturer LDK Solar has hit a snag. The Jiangsu Suzhou Intermediate Court had handed Canadian Solar a legal victory in May when it threw out a request by debt-crippled LDK to enforce an arbitration ruling which had awarded the Jiangxi-based manufacturer RMB248.9 million (US$41 million) against Canadian Solar over wafer supply contracts LDK says the solar developer breached. But the intermediate court today overruled its decision at the request of the Jiangsu Provincial High Court which heard entreaties from LDK and agreed the case should be re-adjudicated. The dispute relates to wafer supply contracts entered into by the two companies, in October 2007 and June 2008, and which were subsequently terminated. LDK is seeking compensation for the cancelled contracts and secured the award of the RMB248.9 million after a decision by the former China International Economic and Trade Arbitration Commission. Enforcing the award is proving difficult for LDK, however, and a press release from Canadian Solar announcing today’s developments stated the company, which has most of its manufacturing operations in China but is headquartered in Guelph, Ontario and registered in the Cayman Islands tax haven, said: “will continue to vigorously contest the merits of the arbitration award.”Popular content Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. The re… Solar park built on rough wooden structures comes online in France Gwénaëlle Deboutte 26 April 2021 pv-magazine.com French company Céléwatt energized its 250 kW ground-mounted array, built with mounting structures made of raw oak wood.April 26, 2021 Gwénaëlle Debo… Spanish developer plans 1 GW solar plant coupled to 80 MW of storage, 100 MW electrolyzer Pilar Sánchez Molina 22 April 2021 pv-magazine.com Soto Solar has submitted the project proposal to the Ecological Transition and the Demographic Challenge (Miteco). The solar plant could start produc… We all trust the PV performance ratio test Dario Brivio, Partner 20 April 2021 pv-magazine.com The performance ratio test is at the core of the handover from EPC to owner. Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… iAbout these recommendations Share pv magazine The pv magazine editorial team includes specialists in equipment supply, manufacturing, policy, markets, balance of systems, and EPC.More articles from pv magazine Related content ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German enginee… The Hydrogen Stream: 20 MW electrolyzer in Spain, hydrogen alliance between Russia and Germany Sergio Matalucci 30 April 2021 pv-magazine.com BP, Iberdrola and Enagás will power a 20 MW electrolyzer with 40 MW of solar in Spain. Automotive manufacturers Hyundai,… Chinese PV Industry Brief: Polysilicon prices keep rising, NEA says newly deployed PV reached 5.33 GW in Q1 Max Hall 27 April 2021 pv-magazine.com Polysilicon prices rose to RMB145-150/kg this week, prompting a varied response from the major wafer suppliers. Longi wo… Higher performance with bigger modules a ‘no brainer’ Sandra Enkhardt 26 April 2021 pv-magazine.com Jan Bicker, who replaced Steve O’Neil as the CEO of REC on March 1, says that one of his top priorities is the ongoing d… Longi crowned king of solar with 24.5 GW of panels shipped in 2020 Vincent Shaw 22 April 2021 pv-magazine.com With production capacity expanded for solar wafers, cells and modules last year, and set to rise again in 2021, the gian… The weekend read: China’s push for decarbonization Andreas Walstad 24 April 2021 pv-magazine.com The carbon market is finally a reality in China. After 10 years of delays, regional pilot schemes and general uncertaint… iAbout these recommendations Elsewhere on pv magazine… Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… MIBEL alcanzó nuevamente los precios más bajos de Europa mientras subieron en el resto de mercados eléctricos pv magazine 23 March 2021 pv-magazine.es En la tercera semana de marzo los precios de la mayoría de mercados eléctricos europeos subieron, mientras que MIBEL mar… Tasmanian Labor installs solar at the top of its campaign promises Blake Matich 8 April 2021 pv-magazine-australia.com Tasmania (TAS) is going to the polls on May 1, and the opposition Labor Party has put forth a $20 million plan to fund l… India closing in on 7 GW of rooftop solar pv magazine 13 April 2021 pv-magazine-australia.com India’s cumulative installed capacity of rooftop solar stood at 6,792 MW as of December 31, 2020, with 1,352 MW having b… Spotlight on Australian solar Bella Peacock 21 April 2021 pv-magazine-australia.com Calculating the average sunlight hours data from the Bureau of Meteorology from January toDecember 2020, Darwin was cro… Q&A: EEW’s $500 million Gladstone solar to hydrogen project is just the start Blake Matich 18 March 2021 pv-magazine-australia.com pv magazine Australia: Australia is the testing ground for a lot of different aspects of the future green hydrogen market. Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… MIBEL alcanzó nuevamente los precios más bajos de Europa mientras subieron en el resto de mercados eléctricos pv magazine 23 March 2021 pv-magazine.es En la tercera semana de marzo los precios de la mayoría de mercados eléctricos europeos subieron, mientras que MIBEL mar… Tasmanian Labor installs solar at the top of its campaign promises Blake Matich 8 April 2021 pv-magazine-australia.com Tasmania (TAS) is going to the polls on May 1, and the opposition Labor Party has put forth a $20 million plan to fund l… India closing in on 7 GW of rooftop solar pv magazine 13 April 2021 pv-magazine-australia.com India’s cumulative installed capacity of rooftop solar stood at 6,792 MW as of December 31, 2020, with 1,352 MW having b… Spotlight on Australian solar Bella Peacock 21 April 2021 pv-magazine-australia.com Calculating the average sunlight hours data from the Bureau of Meteorology from January toDecember 2020, Darwin was cro… Q&A: EEW’s $500 million Gladstone solar to hydrogen project is just the start Blake Matich 18 March 2021 pv-magazine-australia.com pv magazine Australia: Australia is the testing ground for a lot of different aspects of the future green hydrogen market. Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… 123456Leave a Reply Cancel replyPlease be mindful of our community standards.Your email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment. By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.Further information on data privacy can be found in our Data Protection Policy.iAbout these recommendationsKeep up to date pv magazine Global offers daily updates of the latest photovoltaics news. We also offer comprehensive global coverage of the most important solar markets worldwide. Select one or more editions for targeted, up to date information delivered straight to your inbox.Email* Select Edition(s)*Hold Ctrl or Cmd to select multiple editions.Tap to select multiple editions.Global (English, daily)Germany (German, daily)U.S. (English, daily)Australia (English, daily)China (Chinese, weekly)India (English, daily)Latin America (Spanish, daily)Brazil (Portuguese, weekly)Mexico (Spanish, daily)Spain (Spanish, daily)France (French, daily)We send newsletters with the approximate frequency outlined for each edition above, with occasional additional notifications about events and webinars. We measure how often our emails are opened, and which links our readers click. To provide a secure and reliable service, we send our email with MailChimp, which means we store email addresses and analytical data on their servers. You can opt out of our newsletters at any time by clicking the unsubscribe link in the footer of every mail. For more information please see our Data Protection Policy. Subscribe to our global magazine SubscribeOur events and webinars Out with the old… A guide to successful inverter replacement , pv-magazine.com Discussion participantsRoberto Arana-Gonzalez, Service Sales Manager EMEA, SungrowFranco Marino, Regional Service Mana… Roundtables USA 17 November 2020 pv-magazine.com New for this year, the program will be developed and moderated by Eric Wesoff the new editorial leader of the U.S. platform. Reducing solar project risk for extreme weather 20 April 2021 pv-magazine.com Discussion participantsDaniel H.S. Chang, VP of Business Development | RETCGreg Beardsworth, Sr. Director of Product M… iAbout these recommendations pv magazine print Australia’s next wave of large-scale solar development pv magazine 7 April 2021 pv-magazine.com Call it “latent energy” – Australia’s renewable resources are expected to help some of the world’s greatest polluters to… Microcracks and module design pv magazine 8 April 2021 pv-magazine.com New cell and module technologies are boosting power outputs, but they often have implications for quality. A focus purel… Time to standardize pv magazine 7 April 2021 pv-magazine.com Not all quality control plans, processes and agreements are created equal, writes Frédéric Dross, the VP of strategic de… Korea shifts into top gear pv magazine 7 April 2021 pv-magazine.com There is a fresh sense of urgency and common purpose in South Korea toward combating climate change. In 2021, government… Unchained: political moves shift solar supply David Wagman 7 April 2021 pv-magazine.com PV module supply chains to the U.S. industry are in flux, and not for the first time. Moves to take action alongside sti… ESG criteria: Should developers take notice? Michael Fuhs 7 April 2021 pv-magazine.com Something is brewing in the financial world. “Sustainable finance” and the growth of ESG funds have been taking the mark… iAbout these recommendationslast_img read more

Details

Recent Posts

Recent Comments

    Archives

    Categories

    Meta

    Tags