Hanergy, China's largest privately-owned renewable energy provider, signed a deal late Tuesday with insolvent German solar company Q.CELLS which allows the Beijing-based company to acquire thin-film maker Solibro, a subsidiary of Q.CELLS.
Hanergy's commitment to renewable energy is evidenced by its installed hydroelectric capacity of 6,000 MW. The company has also invested in solar thin-film R&D and production bases in order to realize a 3,000 MW capacity by the end of 2012.
Hanergy's main market focus appears to have shifted from hydropower to solar energy and photovoltaic energy in particular. Hanergy's acquisition of Solibro will allow it to consolidate and further develop its interests in this sector following its previous investment in the leading copper indium gallium diselenide (CIGS) co-evaporation technology, a technology that Solibro has developed over the past 25 years. The acquisition will, therefore, make Solibro's existing technology fully accessible to Hanergy.
Speaking at the deal's signing ceremony at Hanergy's headquarters, the company's chairman Li Hejun spoke about his hopes for the acquisition. "This acquisition is not solely about consolidating our position on a global and competitive market.
It is also about creating synergies between our two organizations in order to provide our respective customers with added value," Zhou Jiansan (Jason Chow), Hanergy's Senior VP of Industrial Photovoltaic Group, the branch of Hanergy which was actively involved in the acquisition, believes the tie-up will improve Solibro's performance during the current downturn by ensuring an extensive network, strong production capacity and long term R&D investment.
The deal marks Hanergy's first overseas acquisition since the company was established in 1994. Zhou commented that Hanergy regards the deal as "an important milestone in its overseas expansion."
Solibro has a proven track record in thin-film CIGS technologies, and the acquisition will enable it to ramp up to a yearly production capacity of 100 MW in Thalheim, Germany, to supply Hanergy's European customers.
Hanergy has maintained that it will not cut Solibro's workforce or make any management changes, thereby ensuring that Solibro's operations will remain unaffected, as will its existing post-sales service.
The CEO of Q.CELLS Nedim Cen said that the acquisition would benefit Solibro, and that the partnership with Hanergy would be fruitful for the company, especially in light of the fact that Hanergy intends to retain Solibro's existing workforce in Thalheim.
Q.CELLS share price closed at 0.14 euros on Tuesday.
Source:china.org.cn