26 July 2013

China’s Hanergy acquires US-based CIGS PV firm Global Solar Energy

Beijing-based Hanergy Holding Group Ltd – which is claimed to be the world’s biggest thin-film photovoltaic (PV) firm - has completed the equity acquisition of Global Solar Energy Inc (GSE) of Tucson, AZ, USA, which makes flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic cells and modules.

Last December, GSE implemented cost-cutting measures while it pursued a sale process and evaluated strategic options (as announced in June 2012, when German subsidiary Global Solar Energy Deutschland GmbH also applied for insolvency proceedings).

The acquisition follows approval from the Committee on Foreign Investment in the USA and the National Development and Reform Commission (the regulators governing cross-border acquisitions in the USA and China, respectively). GSE is one of just a few producers able to manufacture flexible CIGS solar cells on a commercial scale. Its products are applied in areas including building-integrated photovoltaic (BIPV), rooftop solar systems, electronic vehicles and other portable solar products.

In the past year, Hanergy has acquired CIGS PV manufacturers MiaSolé of Santa Clara, CA, USA and Solibro GmbH (the latter from Q.CELLS SE of Bitterfeld-Wolfen, Germany). Hanergy says that the acquisition of GSE closes the loop of its strategic consolidation of technologies combining the competitive advantages of flexible thin-film PV modules with large scale production.

“Flexible and thin-film photovoltaic technology is the future and the trend of the industry,” comments Hanergy’s chairman Li Hejun. “The acquisition of GSE marks another landmark deal for us after MiaSole and Solibro. Together these complete the circle of Hanergy’s global technology integration strategy, meaning we now have the ability to accelerate the development and large-scale application of our high-efficiency flexible CIGS modules,” he adds.

“We are pleased to join with Hanergy, which we believe will best leverage our unique products and technologies to complement Hanergy’s existing ones,” comments Global Solar’s CEO Jeff Britt. “Together, we are well positioned to implement Hanergy’s strategy of accelerating the growth of the flexible solar market and exploit new market potentials.”

Following the acquisition, GSE will become a subsidiary of Hanergy, but will continue its operation in the USA.

According to the report ‘Global Renewable Energy Report 2013’ (published by Hanergy), China’s investment in renewable energy is ranked first in the world. By 2013, China is expected to surpass Germany and become the world’s largest PV application market.

See related items:

Global Solar implements cost-cutting to preserve operations while acquisition offers and strategic options are considered

Global Solar Energy’s German subsidiary applies for insolvency

China’s Hanergy completes acquisition of Silicon Valley CIGS PV firm MiaSolé

Hanergy to acquire Q.CELLS' CIGS PV subsidiary Solibro

Tags: Hanergy Global Solar Energy CIGS BIPV

Visit: www.globalsolar.com

Visit: www.hanergy.com