Struggling Hanergy Thin Film Power Group has extended for the second time its unusual purchase agreement with Macrolink New Resources Holding Company for a 600MW BIPV production plant and service deal until April 30, 2016.
In February, 2015 Hanergy TF subsidiary Fujian Apollo secured an order valued at US$660 million to supply 600MW of tools and plant operations to Shangdong Macrolink New Resources Technology in a deal worth US$660 million.
However, the deal included Hanergy TF offering on receipt of payment of 80% of the total purchase contract shares in the supplier to the tune of almost US$704 million at a price of HK$3.64 per share.
Since the deal was struck, Hanergy TF has had its shares suspended on the Hong Kong stock exchange since May, 2015 with no official end to the suspension known at this time.
The deal with Macrolink was subsequently duplicated with two other companies in China, Mongolia Manshi Investment Group Company and Baota Petrochemical Group, totalling US$1.82 billion.
The Baota Petrochemical deal was never confirmed by Hanergy TF to have remained in place subsequent to its shares being halted.