Hanergy Solar is set to receive significant investment from its parent company as it prepares to ramp up its thin-film production capacity.
In a statement to the Hong Kong stock exchange, Hanergy Solar announced that it had agreed a payment schedule for the next round of payments from its parent company.
It will receive an installment of HK$500 million (US$64.5 million) in December and another of the same size in January next year with the remaining HK$587.8 million (US$75.8 million) to be paid during February 2014.
Last month Hanergy revealed that it would be increasing its CIGS production line through its production equipment manufacturer Apollo.
The company is to increase its CIGS production by 5.25GW. It is also looking to boost its a-Si capacity.
At present First Solar and Solar Frontier are the only tier one thin-film manufacturers but it appears that Hanergy is attempting to become the third.
“Though controversy still exists regarding the comparison between thin-film and polysilicon technologies, we trade insiders have no disagreement in regarding thin-film as the future of PV, in addition to being a trend already,” claimed Li Hejun, Hanergy’s chairman, speaking last month at the launch of his book New Energy Revolution – the Power to change China and the World.