In early January, China’s leading clean energy firm Hanergy Holding Group of Beijing (parent of thin-film photovoltaic module maker Hanergy Solar) signed a trilateral framework agreement with China Minsheng Banking Corp and the Asia Financial Cooperation Association (AFCA), a regional organization launched in 2013 comprising small- and medium-sized banks and financial institutions.
The strategic partnership will provide up to 20bn yuan ($3.26bn) in financing over the next three years as well as diverse financial instruments to fund photovoltaic (PV) and hydropower projects plus the development of copper indium gallium diselenide (CIGS) thin-film technology.
Hanergy is one of the world’s largest thin-film module makers. In the last year or so, Hanergy Solar has acquired three CIGS PV firms: Germany’s Solibro GmbH (from Q.Cells SE) and US firms MiaSolé of Santa Clara, CA, and Global Solar Energy Inc (GSE) of Tucson, AZ.
The firm will use the new financing to further develop its CIGS technology. Already thin-film PV module solar energy conversion efficiencies of 19.6% in research and 15.7% in mass production have been achieved.
