Chinese solar giant Hanergy wants to expand via acquisitions
Chinese solar giant Hanergy wants to expand via acquisitions Hanergy

China's Hanergy, already the world's biggest thin-film solar company, proposes to grow its business further through acquisitions, according to chairman Li Hejun.

Hejun, known as the "new energy king", told CNBC that financing potential acquisitions posed no problems as his firm enjoys strong cash flows. Hanergy has been profitable every year since 2010.

Hejun, who has knocked off Alibaba Group founder Jack Ma to become China's richest man, runs Hanergy Holding Group that controls 73% of Hanergy Thin Film Power Group (HTFPG).

He said: "I want to acquire more! We can upgrade more technologies, not only with our domestic and overseas research centers, but more importantly" by buying "some more technology".

"In the next two years, we will focus on the Chinese market and we'll go overseas in two to three years' time."

"Every year, we get $1bn [£651m, €873m] of net cash flow – and you know we are now profitable."

"The biggest advantage of thin-film solar is the mobility. I could, for instance, put it in a cap or use it in my car."

While traditional solar panels can only be used in industrial settings, "we can do both", Hejun told the news channel.

HTFPG's stock has surged some 54% so far this year, following last year's 255% spike.

In August 2014, Hanergy acquired US-based Alta Devices and its technology which converts record amounts of solar energy in low-light conditions.

Hanergy said it will use Alta's technology in several applications including emergency charging of mobile phones and in cars. The firms did not disclose the financial terms of the deal.