SUEZ, Egypt, Dec. 20, 2024 /PRNewswire/ — On December 16, 2024, EliTe Solar, a leading solar PV manufacturer headquartered in Singapore, held a groundbreaking ceremony for its new project in the Egypt TEDA Suez Economic and Trade Cooperation Zone, marking a major milestone in the company’s global strategic expansion. The facility has a planned capacity goal of 5GW, spanning an area of 78,000 square meters. The project is scheduled to begin production in September 2025, featuring 2GW solar cell and 3GW solar module production lines.

At the ceremony, distinguished guests, including Mr. Waleid Gamal Eldien, Chairman of the Suez Canal Economic Zone, Arab Republic of Egypt; Mr. Ouyang Xiaoming, First Secretary of the Chinese Embassy in Egypt; Mr. Li Daixin, Chairman of China-Africa TEDA Investment Co., Ltd.; and Mr. Liu Jingqi, Chairman of EliTe Solar, gathered to engage insights and discuss the future development prospects of the project.

“The launch of this project represents a major milestone in the development of Egypt’s solar industry,” stated Mr. Waleid Gamal Eldien, Chairman of the Egypt Special Economic Zone Authority. “By introducing advanced solar manufacturing technologies and optimizing local supply chains, this initiative will raise Egypt’s overall manufacturing standards. EliTe Solar’s advanced solar technology and managerial expertise will further enhance our global standing in solar power industry.”

This project brings advanced energy manufacturing technologies to Egypt, driving the local solar industry supply chain and boosting Egypt’s export capabilities and global influence in the solar market. It provides fresh momentum to the local economy and acts as a key driver in supporting Egypt’s 2030 renewable energy goal of achieving 42% clean energy transformation.

“This project not only strengthens Egypt’s solar industry but also positions the country as a key solar manufacturing hub in the Middle East and North Africa (MENA). It enhances supply chain capabilities while providing crucial support for global renewable energy growth,” said Li Daixin, Chairman of China-Africa TEDA Investment Co., Ltd.

Considering the recent power shortages and blackouts experienced across Egypt this year, which highlight strong future demands for electricity, there is an urgent need for a diversified energy architecture to ensure energy independence. This project perfectly addresses these needs by delivering sustainable solutions through renewable energy resources. Once completed, the project will generate 500 million kWh annually, save approximately 307 million tons of standard coal, and offset carbon emissions equivalent to planting 84 million trees.

Liu Jingqi, Chairman of EliTe Solar stated, “The launch of the Egypt project not only demonstrates our expertise in technological innovation and industry integration but also underscores EliTe Solar’s mission to lead global renewable energy development. Together with our partners, we are building a greener future and setting new benchmarks for the global energy transition.”

Since its inception, EliTe Solar has established several manufacturing hubs in countries including Vietnam, Indonesia, and Egypt, thus solidifying its international industrial presence.  Moving forward, EliTe Solar will continue driving energy transformation through high-quality technology exports, further contributing to global sustainable development.

About EliTe Solar

Founded in 2005, EliTe Solar is committed to becoming a leading global supplier of photovoltaic systems by enhancing customer service, driving customer success, and boosting profitability. EliTe Solar has a proven track record of delivering over 10GW of solar modules globally. We provide intelligent solar solutions for utilities, commercial and industrial clients, and residential customers worldwide. Our approach centers on optimizing the Levelized Cost of Energy (LCOE) to maximize value while minimizing risk, empowering our customers to gain a competitive edge in the global market. With a strong brand presence and large-scale manufacturing capabilities, EliTe Solar has built a fully integrated business model-from silicon wafers and cells to modules-advancing vertical integration in the photovoltaic industry. Discover more about our offerings at www.elite-solar.com.

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SINGAPORE, Dec. 20, 2024 /PRNewswire/ — Nucleus Software, India’s leading provider of robust digital lending and transaction banking solutions to the global financial services industry, today announced the appointment of Mukul Agrawal as Regional Sales Head for South East Asia (SEA). With over three decades of extensive sales experience across the SEA region, Mukul brings deep expertise in fintech solutions, including core banking and lending.

Mukul’s expertise spans driving business growth, crafting innovative solutions for financial institutions, and implementing strategies that enhance operational efficiency and customer experience. As SEA accelerates its digital transformation in financial services, Nucleus Software, with more than 30 years of expertise in banking technology, continues to empower banks and financial institutions with innovative solutions that drive seamless, customer-centric banking experiences to meet the evolving needs of this dynamic market.

“We are delighted to welcome Mukul Agrawal to the Nucleus Software family. With his extensive experience and deep expertise in financial services industry, Mukul will be a key driver in our efforts to strengthen our presence in SEA. His leadership will be crucial in accelerating our growth and ensuring that we continue to lead the way in delivering innovative, customer-centric solutions to the financial services industry,” said Vishnu R. Dusad, Managing Director and Co-founder of Nucleus Software.

This strategic appointment aligns with Nucleus Software’s ongoing initiative to enhance its global sales organization, ensuring a consistent customer experience while expanding market reach. The company is also intensifying its on-the-ground presence across SEA to better serve its clients. In his new role, Mukul will lead business expansion and manage the product portfolio, applying his strategic vision and customer-focused approach to drive the region’s digital transformation in financial services.

“I am thrilled to join Nucleus Software, a pioneer in delivering transformative solutions for the global financial services industry. I look forward to collaborating with the exceptional teams across SEA to accelerate growth, deepen client partnerships, and deliver innovative, future-ready solutions. Together, we will explore new opportunities and drive impactful outcomes for our customers in the region. Guided by the core principles of integrity, innovation, and customer-centricity, we are committed to delivering solutions that build trust and create long-lasting value,” said Mukul Agrawal, Regional Sales Head – SEA, Nucleus Software.

Mukul is an accomplished professional with an MBA from the prestigious IIM Ahmedabad and a B.Tech. A lifelong learner, he combines academic excellence with a passion for personal growth. Outside of his professional endeavors, Mukul is an avid sports enthusiast. His hobbies include golfing, swimming, and maintaining a robust fitness regimen. He is also keen on exploring new technologies, reading, and traveling, which help him stay well-rounded and inspired both personally and professionally.

For more information, please visit: www.nucleussoftware.com

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• Strong demand from a globally diversified investor base, with high re-up rate and new LP commitments, making Evolution II 65% larger than its predecessor
• Investors attracted to Nordic Capital’s subsector-specialism and mid-market investment strategy in Northern Europe
• Continued focus on successful partnerships with growth companies, to accelerate long-term growth and expansion

LUXEMBOURG, Dec. 20, 2024 /PRNewswire/ — Nordic Capital today announced the successful First and Final close of Nordic Capital Evolution II (“Evolution II” or “the Fund”) at the hard cap of EUR 2 billion. Raised within four months from launch with excess demand, the Fund closed at its hard cap and significantly exceeded its target of EUR 1.4 billion.

Evolution II attracted excess demand from its launch and benefited from strong support from its current investor base, with a high re-up rate of over 100% by capital, and significant LP commitments from new investors and geographies, including a significant increase from the Americas. Evolution II is 65% bigger than its predecessor fund, Evolution I, which raised EUR 1.2 billion in three months in 2021. Evolution II is the fourth Nordic Capital fund since 2020 to have benefited from a rapid fundraise. The demand for the Fund and the pace of its fundraise underline investors’ confidence in Nordic Capital’s long-standing investment model and portfolio performance.  

Nordic Capital’s Evolution strategy expands the firm’s winning subsector model and powerful platform to a broader spectrum of mid-market companies. Evolution II will target investments predominantly in Northern European companies with an EV of EUR 100 million to EUR 400-500 million. Similar to its predecessor, the Fund will focus on control buyouts and non-cyclical growth opportunities in Nordic Capital’s focus sectors, Healthcare, Technology & Payments, Financial Services and Services & Industrial Tech. While it will target lower mid-market opportunities, Nordic Capital’s flagship funds will continue their focus on upper mid-market companies.

As a long-established subsector specialist, Nordic Capital is committed to finding and developing non-cyclical companies in fast-growing segments within its well-recognised subsectors. It works in close partnership with founders and management teams to develop companies with the potential to lead their markets and shape industries. As an Article 8 fund, Evolution II will continue to drive sustainability agendas and seek to promote long-term, environmental, social and good corporate governance practices within the companies it backs.

Nordic Capital has a strong 35-year history of investing in and successfully growing and developing mid-market companies. This, combined with its repeat sub-sectors strategy, supports a strong investment pipeline and dealmaking for the Evolution Funds. Evolution I, which was raised in 2021, has completed ten investments to date, of which 70% have been made in collaboration with the companies’ founders and 80% completed outside broad auction, demonstrating the Evolution strategy’s strong focus on partnership.

Joakim Lundvall, Partner and Co-Head of the Evolution advisory team said: 

“We are delighted to witness such strong demand for Evolution II from both existing and new investors. Their unwavering support is a testament to their confidence in Nordic Capital’s mid-market strategy. Our strong Evolution team, with its clear focus on business growth driven by local market expertise and deep sector knowledge, has cultivated a robust pipeline and secured partnership investments with growth companies within attractive niches. Over the last three years, a number of founders of companies have formed partnerships with Nordic Capital because they have experienced first-hand how we can help make great companies even better and support their expansion into new markets.”

Jonas Agnblad, Partner and Co-Head of the Evolution advisory team said:

“With the Evolution funds, Nordic Capital’s long-standing sector strategy is now applied to a wider range of mid-sized companies, offering a partnership model that can help scale and professionalise companies. The partnership model includes both our own expertise, our broad network of experts and a platform that can support growth and international expansion. By contributing experience in product innovation, international expansion and long-term sustainable value creation, Nordic Capital looks forward to helping more mid-market companies develop and reach their full potential.”

Pär Norberg, Partner and Head of Investor Relations, Nordic Capital Advisors, commented:

“We are very pleased with the outcome of Evolution II. This is a great achievement for the team, and we would like to express our sincere gratitude to Nordic Capital’s global investor base. This type of result is only possible with the backing of long-standing existing investors as evidenced by the strong reup rate, combined with the confidence gained in Nordic Capital by new investors. We are humbled that investors have prioritised and partnered with Nordic Capital, and we are enthusiastic about working together during Evolution II and beyond.”

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The Evolution Funds are advised by a dedicated team of 20+ professionals, with a range of tenure and industry experience. The team also draws on Nordic Capital Advisor’s wider organisational capabilities, including its operational and sector focused expertise and well-established regional network.

Evolution II attracted investors from across the globe, including 41% from Europe, 35% from the Americas, 21% from Asia and 3% from the Middle East. The investor base comprises a well-diversified mix of institutional investors: public and private pension funds (c.41%); asset managers and advisers (c.26%); sovereign wealth funds (c.14%); family offices and foundations (c.13%); and financial institutions (c. 6%).

Evolution II will continue Nordic Capital’s strong sustainability commitment. This year Nordic Capital received a top ESG rating from the UNPRI for the second consecutive year, and further advanced its climate agenda with the announcement that its greenhouse gas emissions reduction targets have been approved by the Science Based Target initiative. Nordic Capital has a clear commitment to making a positive contribution to society by backing businesses that are solving some of the world’s global challenges or supporting the development of companies with strong sustainable foundations.

The fundraising was led by Nordic Capital, supported by Rede Partners who acted as placement agent, with Kirkland & Ellis as lead legal counsel.

Press contact:
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: [email protected] 

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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