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Li said capital for the deal came from Hanergy's hydro and wind energy businesses. The company started the business as a hydropower generator and says it owns 6 gigawatts of hydro generating capacity.
"The money is not a problem," said Li. "We will continue to cooperate with other US companies and expand our market share in Europe."
Hanergy will increase MiaSole's factory output to full capacity and retain about 100 of its employees. It also plans to hire additional employees for manufacturing.
The transaction has received regulatory approval from the Chinese and US governments.
On Nov 30, Li said in Beijing that Hanergy had replaced First Solar Inc to become the world's largest maker of thin-film solar modules, with an annual capacity of 3 gigawatts.
MiaSole says it has the world's highest energy efficiency in the manufacture of thin film called CIGS, which stands for the metals copper, indium, gallium and selenide.
Beijing police save female hostage
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