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

Facebook
Twitter
LinkedIn
Reddit
Email

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. 

11 October 2022
RE+ Florida returns in 2022. Solar & Energy Storage Florida is now RE+ Florida! This premier event for the Sunshine State will return October 11-12, 2022 in Miami.
11 October 2022
PV CellTech Extra will be held as a series of live webinars and on-demand sessions on 11-13 October 2022. We'll be taking a slightly further forward-looking view at the technologies and roadmaps for new cell architectures set to dominate mass production during 2023-2025 with special emphasis on the potential timelines for technologies beyond the single-junction cell design, including perovskite and hybrid concepts.
13 October 2022
The 2022 ACORE Grid Forum is a one-day event that convenes regulators, renewable, storage and transmission companies, and other leading grid experts in Washington, D.C. Speakers will examine the roles of administrative orders and actions, infrastructure policy, regional and state developments, and private sector strategies on the path to a carbon-free grid.
18 October 2022
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 18-20 October at the NEC. There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 
18 October 2022
The global PV market is entering a new era at unprecedented speed. The demand for high-power PV modules has soared, while interest in the future direction of solar technologies has intensified. Tongwei wants to create discussions between EPC companies, investors, and distributors, especially in Europe, which the company sees as a key growth market. Understanding the opinions and needs of clients in terms of shingled or N-type technology, as well as larger module size, is vital to Tongwei’s success in Europe and beyond. In this PV Tech TechTalk webinar, experts from TÜV NORD and Tongwei's CTO will discuss the risk analysis and reliability of the company’s shingled module technology and its applicability to different European markets.
26 October 2022
All-Energy Australia is the country's largest and most anticipated clean energy event in Australia, which opens up a world of opportunities for industry suppliers and experts as well as those involved in renewable energy and energy storage sectors to expand business networks. Featuring more than 250 suppliers and attracting more than 10,000 industry professionals, All-Energy Australia is a must-attend event in the industry's calendar. Be part of this free-to-attend exhibition and conference from 26-27 October 2022 at the Melbourne Convention and Exhibition Centre.

Read Next

October 6, 2022
Voltalia has signed a corporate power purchase agreement with mining company Richard Bay Minerals, subsidiary of Rio Tinto, in South Africa.
October 6, 2022
Portuguese utility EDP Renewables (EDPR) has completed the acquisition of a 70% stake in German solar developer Kronos Solar Projects.
October 6, 2022
The US Department of the Treasury and the Internal Revenue Service (IRS) have requested stakeholder input on the climate and clean energy tax incentives included in the country’s Inflation Reduction Act (IRA).
October 6, 2022
Waaree Energies has raised US$120 million from investors to expand its module and cell production capacity in India.
October 6, 2022
Around 35GW of PV manufacturing in Europe is at risk of being mothballed as elevated power prices damage the continent’s efforts to build a solar supply chain, research from Rystad Energy suggests.
October 6, 2022
Canadian energy company Suncor Energy has reached an agreement to sell its solar and wind assets to Canadian Utilities, an ATCO subsidiary, for C$730 million (US$535 million).

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain