Hanergy Thin Film Power Group has cancelled two contracts worth almost US$2billion, after conditions were not met.
The agreements for the supply of BIPV manufacturing equipment, were signed in March 2015 with Mongolia Manshi Investment Group and Baota Petrochemical Group. Under those agreements, 80% of the value of the contracts for 1.8 gigawatts of equipment had to be paid to Hanergy by November, with both companies getting share allotments. However, this deadline was not met, Hanergy said in a regulatory filing, and it has now terminated those contracts.