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China: Hanergy snags latest US solar energy buyout

By  |  July 25, 2013
China: Hanergy snags latest US solar energy buyout

In efforts to strengthen the nation’s solar panel technologies, China-based Hanergy Holding Group announced a deal to acquire US-based Global Solar Energy. The deal marks China’s third buyout of a solar conglomerate this year, but may spark more controversy within both the US and EU as concerns rise that China’s solar panel manufacturers are dumping their products at below-market costs, causing US- and EU-based panel makers to go out of business. China is now the world’s leading solar panel maker. According to an unnamed source, financial troubles within Global Solar allowed Hanergy to buy the company at a “reasonable price.” Specific financial details of the deal were not disclosed. Global Solar will reportedly continue its operations within the US.

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