Apollo Solar Energy has revealed a major turnkey equipment agreement worth US$2.55 billion (approximately HK$19.84 billion) with Hanergy, signed on May 20. Apollo will provide Hanergy with equipment and an integrated turnkey line for the manufacture of silicon-based thin-film solar modules.
Furthermore, Hanergy has agreed to become a major investor in Apollo, and has been added to the group’s shareholders.
On the date of the signing of the sales agreement, the companies also agreed that Hanergy subscribe, or procure the Hanergy nominee to subscribe, for 4,911,528,960 subscription shares at the subscription price of HK$0.239 per subscription share.
Peng Li Bin, Apollo’s executive director, said, “Hanergy is one of the largest and leading non-state-owned clean energy generation enterprises in China. Having Hanergy to be our strategic investor and one of our major shareholders serves to demonstrate that the technology level and R&D capability of Apollo have been recognized by Hanergy.”