Hanergy to pour USD 500m into solar factory, PV park in Ivory Coast

Jan 24, 2014 - Chinese clean-energy specialist Hanergy Holding Group plans to invest USD 500 million (EUR 365.4m) in the construction of a thin-film solar module production facility and a solar park in Ivory Coast.

The company, which last week lifted to 61.36% its stake in thin-film photovoltaics (PVs) maker Hanergy Solar Group Ltd (HKG:0566), has visited the republic to discuss its proposal with local government officials and president Alassane Ouattarato, Ivory Coast’s presidency press service said on Wednesday.

Ivory Coast, officially the Republic of Cote d'Ivoire, did not provide further details on the projects. No capacities were disclosed, either.

Earlier this month, China Minsheng Banking Corp (HKG:1988) and the Asia Financial Cooperation Association (AFCA) agreed to provide CNY 20 billion (USD 3.3bn/EUR 2.4bn) in financing to Hanergy Holding Group for three years. The strategic partnership is intended to relieve the pressure on Hanergy’s cash flow and thus support its efforts to expand its PV and hydropower operations. More specifically, the firm will use the money to integrate its PV manufacturing assets and install more production capacity.

(USD 1.0 = EUR 0.731)
(CNY 1.0 = USD 0.165/EUR 0.121)

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