Hanergy Thin Film bags BIPV equipment deals worth USD 2bn
Mar 30, 2015 19:20 CEST
March 30 – Hanergy Thin Film Power Group Ltd (HKG:0566) said Monday it has secured two new contracts for the provision of building integrated photovoltaics (BIPV) production line equipment with a combined capacity of 1,800 MW.
The bigger order, which is for 1,200 MW, came from Baota Investment Holding Co Ltd. Hanergy’s unit, Fujian Apollo, has also inked a separate deal with the purchaser to provide technical services for the production line. Baota Investment will pay USD 1.32 billion (EUR 1.22bn) in total, including USD 396 million for the equipment itself.
At the same time, Hanergy Thin Film has agreed to sell up to 3 billion new shares at HKD 5.38 (USD 0.69/EUR 0.64) apiece to Baota Petrochemical Group Co Ltd, which holds a 73.43% stake in the equipment purchaser. They will represent approximately 6.72% of Hanergy Thin Film’s share capital upon completion of the placement.
As part of the deal with the second client, Beijing Manshi Investment Co Ltd will pay some USD 198 million for 600 MW of BIPV production line equipment and a further USD 462 million for the related technical services. Meanwhile its parent, Inner Mongolia Manshi Investment Group Co Ltd, has subscribed for 1.1 billion new Hanergy Thin Film shares at the same price per share. The stock will represent 2.57% of the enlarged issued share capital of the company.
Hong Kong-based Hanergy Thin Film, part of Hanergy Holding Group, 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 0.922)
(HKD 1.0 = USD 0.129/EUR 0.119)
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