Hanergy Holding Group, China’s largest clean energy company, finalized its purchase of MiaSole, the world’s largest thin film-PV company, in an agreement that gives it a 100 percent stake, the AP reported.
The group’s financial backing will help MiaSole invest in research and development as it rides out a downturn in the global solar market that has resulted from overproduction caused by grants from the Chinese government that allowed hundreds of small producers to flood the market.
It is the group’s second acquisition of a struggling green energy provider, after purchasing the Solibro unit of Germany’s Q-Cells SE in June. Both acquired companies specialize in the production of
thin-film solar cells, which boost efficiency over traditional silicon-based cells. A thin film solar cell is created through layers of photovoltaic material placed on a semiconductor wafer. Rather than silicon, MiaSole uses gallium, indium, copper, and selenium which provides greater flexibility for large rooftop and ground-mounted industrial deployment.
“Our acquisition of MiaSole is another landmark deal and key milestone to facilitate the global clean-energy technology integration after we acquired German thin-film technology provider Solibro,” said Li Hejun, Chairman of Hanergy Holding Group. “Hanergy is determined to be a global renewable-energy leader. In the solar-energy sector, Hanergy is committed to developing thin-film PV technology, providing turn-key solutions, and developing solar plants. The future of solar energy is thin-film technology.”
After producing several hundred megawatts last year, he company expects to produce 2.5 gigawatts of panels this year.
Hanergy bought MiaSole last year from venture firms which have invested more than $550 million in the company.
The price of the deal was undisclosed, though the company told the AP the price was about one tenth of the initial $1.2 billion asking price.
“MiaSole has advanced solar technology by developing the highest efficiency and lowest-cost CIGS modules but we needed to align with a strategic partner in order to deploy our technology across a larger global scale,” said John Carrington, CEO of MiaSole. “This acquisition of MiaSole is a win-win outcome for both companies.”