Hanergy to shed 180 MWp of PV schemes

Dec 29, 2014 - Hanergy Thin Film Power Group Ltd (HKG:0566) said Wednesday it has agreed to sell six photovoltaic (PV) projects, totaling 180 MWp, for some 1.42 CNY billion (USD 229m/EUR 188m).

More specifically, two company units have entered into five separate disposal agreements with Beijing Hongsheng Photovoltaic Industry Investment Fund on December 23. Upon completion of the transactions, the buyer will acquire 100% stakes in the owners of four 20-MWp PV parks and two 50-MWp solar farms. Most of the capacity to be sold is currently under construction, with only one plant completed and connected to the grid.

Hanergy said that it expects a gain of approximately CNY 777.6 million from the sale, after excluding the net asset values of the target companies. The company explained it will use the proceeds to fund its future thin film business operations, especially those in the downstream PV segment.

Based in Hong Kong, Hanergy Thin Film, a unit of Hanergy Holding, makes equipment and turnkey production lines for amorphous silicon thin-film PV modules and also develops solar projects using thin-films in China, the US and Africa.

(CNY 1.0 = USD 0.161/EUR 0.132)

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