Production “massively” scaled back at Solibro

Share

It appears as if Hanergy Thin Film’s woes are impacting its European production. Germany’s leading business news outlet Handelsblatt has reported that funding from parent Hanergy is running short, causing the drammatic decrease in production.

Solibro replied to Handelsblatt inquiries by saying that technology upgrades are behind the production decrease.

"We are preparing preparing to establish a new generation of solar modules, and focus more on the technology upgrade as in the production,” Solibro responded in a statement.

Hanergy Thin Film has had a horrendous six months, having lost around US$20 billion in market value in one our of trading and having its shares suspended by Hong Kong regulators. Earlier this week, Hanergy CEO Li Hejun blamed short sellers for the collapse.

It now seems that the events are taking their toll on one of the bright spots in Hanergy’s portfolio, with Solibro having consistently produced and sold its CIGS modules. Ikea distributes the Solibro modules under its deal with Hanergy.

“Hanergy is a legitimate manufacturer, the bit of it in Germany at least,” remarked Bloomberg New Energy Finance’s Jenny Chase. “Solibro is making CIGS modules for the European rooftop market.”

The short work arrangement, which is slated for six months, is an indication that some level of production will continue in the near future, however, and as Handelsblatt notes, beyond that it is uncertain. In August Hanergy announced that it will shed 2,000 jobs in a restructuring plan.

pv magazine has contacted Solibro for comment.