Hanergy Solar posts 57% profit increase in 2013


China's Hanergy Solar Group Ltd. this week posted its financial figures for 2013 in which it was revealed that the company enjoyed a 57% net profit on 2012 of $266.7 million.

Overall revenues were also boosted last year, rising 19% to $422 million as the company’s operating manufacturing division reported a 73% operating result throughout its primary turnkey lines.

However, despite acquiring U.S.-based CIGS producer MiaSole in September, this addition to the company's portfolio came too late in the year to have any positive impact on Hanergy’s overall financial performance.

With MiaSole acquired, and following the earlier purchase of Sweden’s Solibro in late 2012, Hanergy hopes to position itself as a leader in the global CIGS thin-film market, announcing earlier this year that it plans to install 600 MW of CIGS module production capacity in China before 2014 is out, based on the technological know-how and equipment acquired from Solibro and MiaSole.

In a financial report on Hanergy's website, the group stated its aim to place greater emphasis on China's and the U.S.'s downstream energy sector, revealing that it has 139 MW of PV projects in the pipeline for these markets.

The company also reserved special mention for Hanergy UK, emphasizing its recent partnership with IKEA (selling its thin-film modules in IKEA stores across the country) as a small but growing segment of the group's expansion plans in the U.K. PV market.

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