Parent scraps 900-MW BIPV machinery deal with Hanergy Thin Film

Hanergy Thin Film Power Group Ltd (HKG:0566) said Monday the deal to supply 900 MW of thin-film solar BIPV panel module assembly lines to its controlling shareholder Hanergy Holding Group has been terminated.

BIPV stands for building integrated photovoltaics. The cancelled contract “has no material adverse impact on the existing business of the Group,” Hanergy Thin Film noted in a statement.

In early May, the parent placed an order for six sets of assembly lines, worth USD 175.5 million (EUR 156.6m). Hanergy’s unit, Fujian Apollo, was also contracted by Hanergy Holding to upgrade certain existing silicon-based thin-film solar module production lines, so that they would be able to manufacture BIPV panels, for USD 409.5 million.

Hanergy Thin Film is currently being investigated by the Hong Kong Securities and Futures Commission (SFC) for market manipulation, as announced by the regulator in end-May. In the 12 months to May 20, the company's share price had grown by over 550%. Hanergy Thin Film makes equipment and turnkey production lines for amorphous silicon thin-film PV modules and also develops solar projects in China, the US and Africa.

(USD 1.0 = EUR 0.893)

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