US$2 billion of Hanergy contracts cancelled

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Two contracts worth almost US$2 billion have been cancelled by Hanergy Thin Film Power Group.

The deals, for BIPV manufacturing equipment, were signed in March 2015 with a condition that 80% of the value be paid by the end of November. With the deadline passed, Hanergy has cancelled the agreements with neither party held responsible, according to documents filed with the Hong Kong Stock Exchange.

Mongolia Manshi Investment Group had agreed to buy 600MW of equipment of US$198 million with Hanergy providing “technical services” for a fee of US$462 million.

Baota Petrochemical Group was to purchase production line equipment totalling 1200MW for US$396 million with a service contract of US$924 million.

Both companies were to receive hefty share allotments as part of the agreements.

Hanergy TF Power shares remain suspended as the Hong Kong Securities and Futures Commission investigates the company’s finances and its relationship with the Hanergy Group.

Cancelled orders earlier in the year left Hanergy TF Power with first-half income in 2015 of US$25.8 million.

The company buffered its disappointing results by highlighting that other customers had reconfirmed their orders, including Mongolia Manshi Investment Group.

Read Next

July 30, 2021
First Solar has unveiled plans to construct a 3.3GWdc module assembly facility in India, bolstering its manufacturing footprint outside of the US.
July 21, 2021
Equipment manufacturer Mondragon Assembly has launched a new automated bussing machine that it hopes can capture much of the heterojunction technology (HJT) and building-integrated photovoltaics (BIPV) markets.
June 1, 2021
Renewables investor Magnora AG has said it will increase its investment in perovskite solar specialist Evolar, taking a 40.7% stake in the company.
November 17, 2020
Solar perovskite start-up Evolar has sourced investment from Norwegian renewables investor Magnora as it targets rapid commercialisation of the technology.
August 11, 2020
The PV industry has recently witnessed the launch of a new wave of high-efficiency, high-power modules incorporating state-of-the-art technology. As China and other countries around the world embrace grid parity, modules with higher conversion efficiency and output are becoming increasingly favoured by the market.
August 10, 2020
JinkoSolar has unveiled its next generation, 610W N-Type Tiger Pro module at SNEC 2020.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021