Greenergy unit won’t renew deal with Chinese solar company

LISTED Greenergy Holdings, Inc. said its wholly-owned unit has discontinued its distribution agreement with China solar panel maker Hanergy Thin Film Power Asia Pacific Ltd.

“WGVI (Winsun Green Ventures, Inc.) has decided to not renew the agreement,” Greenergy told the bourse Wednesday. “(It) has decided to open up supply sourcing of its pending project from any solar panel suppliers which can offer the best technology at efficient cost, in light of the advancement in global solar technology and improved cost efficiency,” it added.

In a May 2020 disclosure, Greenergy announced a one-year distribution deal with Hanergy with an option to renew upon expiration. The company had been assigned to distribute Hanergy’s solar products, including its Film Flat SOLARtile.

On its website, Greenergy said it aspires to be a global holding company focused on renewable energy, fintech, and green infrastructure by 2030.

Greenergy shares closed up 3.16% or 13 centavos to P4.25 on Wednesday. — Angelica Y. Yang

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