Hanergy Thin Film Power, a thin-film manufacturer, has decided to suspend a 900MW a-Si turnkey production plant with parent company, Hanergy Holding.
Initially announced in early May 2015, Hanergy TF said in a financial filing that both parties agreed to cancel the plans after a long negotiation process, without providing further explanation.
The deal that was previously signed with Hanergy TF subsidiary Fujian Apollo for six complete production lines worth US$585 million, which included US$175.5 million for the equipment and a service contract totaling US$409.5 million. As with other deals, timelines and location details were not disclosed.
Hanergy TF is under investigation by Hong Kong’s Securities and Futures Commission (SFC) after its shares recently plummeted, wiping around US$18 billion from its share value. Trading in the stock was also halted. Hanergy TF said that the cancelled contract "had no material adverse impact on the existing business of the Group".