Hanergy Holding sells Global Solar to subsidiary for $1

Chinese dam builder and thin film contender Hanergy has shifted the ownership of one of its CIGS acquisitions from one subsidiary to another. Hanergy Holding has sold Global Solar to Hanergy Hi-Tech for the grand price of $1.

Hanergy states its aim as being: “changing the world with clean energy.” However, the rollout of its acquired fleet of CIGS technologies has been somewhat slow, a situation that does not appear to have been impacted by the internal transaction announced yesterday.

Yesterday’s deal is not the first internal transaction of business units within Hanergy’s solar operations. In February it announced the ‘sale’ of Hanergy UK to Hanergy Solar PV Application UK Ltd., for HK$1 (US$0.13).

Hanergy initially announced its intention to acquire Arizona-based Global Solar Energy (GSE) in July 2013. Hanergy Holding acquired the GSE and its IP at the beginning of this year. In its most recent disclosure, following the sale to Hanergy Hi-Tech, the company states that GSE’s flexible CIGS technology will allow it to penetrate the “fast growing domestic and global thin film solar power market.”

GSE’s roll-to-roll co-evaporation processes deliver cell efficiencies of 15%, claims Hanergy. Part of GSE’s IP includes its integrated cell interconnection technology, however even given this it is likely module-level efficiencies are significantly below this figure.

In yesterday’s statement, Hanergy says that it is “aggressively expanding into the downstream thin film power application business sector,” however analysts report that they have not been able to track significant shipment volumes of either its GSE or MiaSolé CIGS modules. By contrast Hanergy’s third CIGS acquisition Germany’s Solibro has been consistently shipping its glass substrate modules.

The transaction was listed on the Honk Kong Stock Exchange.