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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

July 10, 2025
German renewables company BayWa r.e. has secured a €3 billion (US$3.5 billion) loan for 'operational initiatives and pipeline expansion.'
July 10, 2025
US renewables developer Invenergy has launched commercial operations of 250MW Fairbanks Solar Energy Center in Sullivan County, Indiana. 
July 10, 2025
US solar residential installer Sunnova has entered into a stalking horse asset purchase agreement with Omnidian for some of its assets.
July 10, 2025
A report published by the US Department of Energy (DOE) this week claims that the previous government’s support for renewable energy could cause blackouts to “increase by 100 times” by 2030.
July 10, 2025
UbiQD has signed a supply agreement with First Solar to supply its fluorescent quantum dot technology for use in the latter’s PV panels.
July 10, 2025
Copenhagen Energy has partnered with Thy-Mors Energi to set up a 100MW PV and BESS project in Ballerum, about 370km from Copenhagen. 

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK