A day after reports claimed Hanergy and Q-Cells were in discussion over the sale of the German PV manufacturers' CIGS thin-film subsidiary, Solibro, both companies said in a statement that a deal had been signed. Financial terms were not disclosed.
“Since the first meeting with the Hanergy management, an ideal strategic fit was obvious to us all,” said Dr. Nedim Cen, CEO of Q-Cells SE. 'With Hanergy as a partner, the potential of Solibro’s CIGS thin-film technology and existing production capacity can be fully realized. We are even more pleased that Hanergy intends to retain our current workforce in Thalheim.”
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The companies said that after the deal goes through, Solibro would ramp production to 100MW (135MW nameplate) at its plant in Thalheim, Germany, which is intended to support Hanergy’s European customer base, according to the statement.
Jason Chow, senior vice president of Hanergy Industrial PV Group added: “Solibro has a proven track record in thin-film CIGS technologies. Hanergy will provide the extensive network, the strong production capacity and the long term R&D investment. We are confident that the acquisition will enhance Solibro’s performance and capacity despite the industry’s current downturn.”
Hanergy said that the existing Solibro workforce would not be affected by the acquisition, including its current management. Both operationally and after-sales service provided to customers would also remain in place.