Hanergy TF repays US$162 million on failure to supply 459.4MW of a-Si PV modules


China-based Hanergy Thin Film Power Group has been forced to repay HK$1,262,629,000 (US$162.8 million) to its parent company, Hanergy Holding on failure to meet 2013 a-Si thin-film module supply contracts for downstream PV power plant projects.

Hanergy TF said in its full-year 2014 financial results statement that the re-payment equated to non-delivery of a total of 459.4MW of PV modules, according to a master agreement signed in April, 2012.

Hanergy Holding’s downstream affiliated companies has placed orders totalling 677.9MW of a-Si thin-film modules for utility-scale projects and had paid approximately 50% of the total contract value in 2013, which Hanergy TF had only been able to supply a total of 58.5MW under those contracts. 

On the repayment of the US$162 million in the fourth quarter of 2014, the previous master supply contracts have been terminated. 

PV Tech had previously highlighted the threat Hanergy TF was under regarding the failure to meet the module supply deals and at the end of the first-half of 2014, had only delivered a total of 2.3MW. 

However, Hanergy Holding’s downstream affiliates entered into several new PV module supply deals with Hanergy TF in 2014, totalling 558MW for planned PV projects and was said to have paid in advance around 50% of the value of the deals. 

Hanergy TF said a total of only 28.8MW PV modules have been delivered in 2014 and 689.2MW of modules remained outstanding but the supply contracts remained in place. 

The failure to meet module supply deals and be forced to repay significant  pre-payments confirmed the inability of Hanergy TF to build, install and ramp a-Si thin film production lines and produce high-volume quantities to date. 

However, this has not deterred three independent China-based newcomers to the PV industry contracting with Hanergy TF for a-Si production lines and support services targeting BIPV applications in deals worth almost US$2.5 billion. 

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