Thin-film manufacturing equipment specialist Hanergy Thin Film Power has cancelled a recent 900MW a-Si turnkey production plant with parent company, Hanergy Holding.
Initially announced in early May 2015, Hanergy TF said in a financial filing that “after arm’s length negotiations”, both parties agreed to cancel the plans, without providing further explanation.
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The deal that was previously signed with Hanergy TF subsidiary Fujian Apollo for six complete production lines was said to be worth US$585 million, which included US$175.5 million for the equipment and a service contract totalling US$409.5 million.
Timelines and location of the 900MW plant were never disclosed.
Hanergy TF is under investigation by Hong Kong’s Securities and Futures Commission (SFC) after its shares recently plummeted, wiping around US$18 billion from its share value. Trading in the stock was also halted.
Hanergy TF said that the cancelled contract “had no material adverse impact on the existing business of the Group”.
