Japan’s SoftBank Group Corp.’s long-standing plan to sell its controlling stake in solar power producer SB Energy to Canada Pension Plan Investment Board (CPPIB) has been called off, said two people aware of the development.
The deal was in the works for around a year, with CPPIB placing several pre-conditions—also referred to as condition precedents (CPs)—for SoftBank before finalising the transaction.
These include meeting certain project commissioning deadlines, securing new businesses, bond issuance as well as SoftBank bearing any future liquidated damages liability for acquiring the stake as reported by Mint earlier. Each CP had a monetary component attached to it.
