Hanergy Further Expands in U.S. with GlobalSolar Buy

Beijing-based Hanergy Holding Group Ltd. looks to once again expand into the U.S. residential solar market with the acquisition of Global Solar Inc., based in Tucson, Ariz.

Terms of the deal were not disclosed.

The transaction marks renewable-energy company Hanergy’s fourth solar acquisition outside of China in less than a year. Most recently, it acquired London-based Engensa Ltd. in May. Before that, the company picked up Santa Clara, Calif.-based MiaSole Inc., a thin-film panel maker, in January. In June 2012, Hanergy purchased Solibro GmbH of Bitterfeld-Wolfen, Germany.

Global Solar, a U.S. portfolio company of German investment firm Mithril GmbH, manufactures light-weight flexible solar cells.

Frankfurt, Germany-based advisory firm Deutsche Mittelstandsfinanz advised the sale process on behalf of Darmstadt-based Mithril.

For more coverage on Hanergy and the solar panel sector, see “Hanergy Deal to Boost Solar Panel Production” and “Envision Solar Takes Steps to Avoid Liquidation.”