Hanergy secures $3.3 billion in financing for renewable energy projects

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Hanergy Holding Group, parent of leading thin-film module manufacturer Hanergy Solar, has signed a financing agreement with China’s Minsheng Bank and the Asia Financial Cooperation Association, a regional organization made up of small and medium-sized banks and financial institutions.

The strategic partnership, signed on Wednesday in Beijing, provides up to CNY 20 billion ($3.26 billion) over the next three years in direct and indirect financing as well as diverse financial instruments for PV and hydropower projects and technology development.

Hanergy is one of the largest thin-film module manufacturers worldwide. Hanergy Solar has in recent years acquired a number of international players in the CIGS technology field, including Q.Cells subsidiary Solibro in Germany and U.S. firms Global Solar and MiaSole.

Hanergy said it would use the financing to further develop its CIGS thin-film technology. The company added that it had already achieved research efficiencies of 19.6% for its thin-film modules and currently 15.7% in mass production.

The strategic cooperation agreement between Hanergy and the financial institutions come in the wake of the Chinese government’s recent efforts to further strengthen the development of the domestic solar industry and expand PV development in the country.