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Hanergy plans USD-1bn thin-film solar industrial park in Saudi Arabia

Hanergy's SHJ cells production line. Source: Hanergy Thin Film Power Group Ltd

January 31 (Renewables Now) - Chinese solar products manufacturer Hanergy Thin Film Power Group Ltd (HKG:0566) plans to build a thin-film industrial park in Saudi Arabia at a total cost of more than USD 1 billion (EUR 870m), it was announced today.

The company has entered into a pact outlining an investment cooperation agreement with Ajlan & Bros in relation to this plan. The latter is engaged in multiple industries like real estate and fashion.

Hanergy noted that, if executed, this project will represent the first such park in the Middle East region.

The two parties intend to collaborate on the development of “renewable energy manufacturing facilities” in the Kingdom and seek relevant investment opportunities, a press statement says. No further details were given.

A day earlier, Hanergy announced that a record 24.23% conversion efficiency for its silicon heterojunction (SHJ) thin-film battery technology has been verified by a Japanese testing body.

(USD 1.0 = EUR 0.870)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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