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Banking on the Chinese PV end-market continuing to prosper, PV energy provider (PVEP) Hanergy Holding Group has received US governmental approval to acquire struggling flexible CIGS thin-film producer, Global Solar Energy (GSE).
Li Hejun, chairman of Hanergy said: “Flexible and thin-film photovoltaic technology is the future and the trend of the industry. The acquisition of GSE marks another landmark deal for us after MiaSole and Solibro. Together these complete the circle of Hanergy’s global technology integration strategy, meaning we now have the ability to accelerate the development and large-scale application of our high-efficiency flexible CIGS modules. The cost-effectiveness and wide application of this technology make it a great step forward for Hanergy’s development in large-scale solar energy generation and distribution.”
Hanergy said that following the acquisition, GSE would become a wholly-owned subsidiary of Hanergy, retaining its manufacturing operations in the US.
The private owner of GSE, Mithril, employed Deutsche Mittelstandsfinanz and HFG China as joint financial advisors on the Hanergy acquisition. Business restructuring expert Johann Stohner of Alvarez & Marsal and Chris LeWand of FTI Capital Advisors also participated in the deal.
GSE was said to have a nameplate manufacturing capacity of 40MW.
Financial details were not disclosed.
Learn more about CIGS in Photovoltaics International; CIGS manufacturing: Promises and reality.