Hanergy TF looking at only US$25 million income in Q2 after cancelled orders

Facebook
Twitter
LinkedIn
Reddit
Email

Hanergy Thin Film Power has issued a profit warning for its first half 2015 results as its primary customer Hanergy Group recently cancelled a major connected transaction to appease a Hong Kong stock market investigation into Hanergy TF’s viability when the majority of a sales go through its privately held parent company. 

Hanergy TF said that it expected income in the first half of the year to be around US$25.8 million, compared to revenue of around US$413.2 million in the prior-year period. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Various contracts signed with Hanergy Group have been cancelled or put on hold since the Hong Kong investigation and the stock of Hanergy TF has not traded on the exchange since mid-May. 

The revenue expectation for the first six months of this year could be related primarily to the sale of CIGS thin-film modules from three previously acquired companies, Solibro, MiaSole and Global Solar. 

Solibro, based in Germany is the largest of the producers and has been responsible for the majority of rooftop projects undertaken by Hanergy Group in China and supplies customers such as Ikea in certain European markets such as the UK. 

Hanergy TF also has several major a-Si production plant contracts signed in 2015, outside those cancelled by the parent group, although a significant aspect to the deals was the issuing of shares worth more than the contract values for major down payments in cash. 

The company has since claimed in financial filings that two of the three independent businesses had re-confirmed commitments, while another had not confirmed its commitment post the halt in share trading, critical to Hanegy TF obtaining significant up-front capital for the production plants and long-term service contracts in operating the production lines, all designed for the nascent BIPV market.

Read Next

September 15, 2025
Italy’s latest renewable energy tender has received 12GW of bids, of which the majority, 10GW, came from solar PV.
September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 
September 15, 2025
Norwegian energy firm Statkraft has agreed to divest a portion of its renewable energy portfolio to Serentica Renewables.
September 15, 2025
UNSW spin-out company Lab360 Solar has been awarded funding from ARENA to bring its drone-based PV inspection technology to market.
Premium
September 15, 2025
The UK government and solar industry have jointly published a long-anticipated roadmap detailing how to maximise the country’s solar potential. Chris Hewett, CEO of Solar Energy UK takes a closer look at the details.
September 15, 2025
Australia has reached 26.8GW of installed rooftop solar at the end of the first half of 2025, according to a report from the Clean Energy Council (CIC).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines