Hanergy Solar buys Solibro, thin film technology for USD 46m

Sep 2, 2013 - Chinese firm Hanergy Solar Group Ltd (HKG:0566) said today it would buy Swedish copper indium gallium (di)selenide (CIGS) solar firm Solibro AB and the intellectual property (IP) rights of its thin film solar technology for CNY 280 million (USD 46m/EUR 35m).

The acquisitions will be carried out by Hanergy Solar’s subsidiary Apollo Kunming. The seller is Hanergy Holding, the controlling shareholder of the maker of equipment and turnkey production lines for amorphous silicon thin-film photovoltaic (PV) modules.

Hanergy Solar, former Apollo Solar Energy Technology Holdings, has sealed an agreement to buy Solibro for CNY 80 million, while it will snap up the Swedish firm’s IP thin film portfolio for CNY 200 million. The buyer said it will finance the acquisitions through internal cash resources.

Solibro is involved in the research and development (R&D) and optimisation of CIGS module production lines. It was previously owned by insolvent German solar company Q-Cells (ETR:QCE). Hanergy Holding bought the firm in September 2012. Last year, Solibro generated a net profit of SEK 585,000 (USD 88,600/EUR 67,000) and sales of SEK 31.9 million.

(CNY 10 = USD 1.63/EUR 1.24)

(SEK 10 = USD 1.51/EUR 1.15)

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