Hanwha SolarOne Signs Strategic Partnership Memorandum of Understanding with the Wuxi New District dministrative Committee to Develop 100 MW of PV Projects
[Shanghai, 19 March, 2014] Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic ("PV") manufacturer of high-quality, cost-competitive solar modules, announced it has signed a memorandum of understanding ("MOU") with the Wuxi New District Administrative Committee (the "Wuxi Administrative Committee") to establish a long-term strategic partnership to develop downstream PV projects. The Wuxi Administrative Committee will provide rooftop space, facilitate local governnment approvals and grid connection, as well as, aid with obtaining preferential tax treatment and project financing. As part of the strategic partnership, Hanwha SolarOne intends to own and operate 100 MW of distributed generation projects
in Wuxi New District.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business, commented, "Hanwha SolarOne has taken another important step towards developing its downstream business in China. We intend to become a significant project owner and operator in China. The Wuxi Administrative Committee will provide us access to a number of high quality rooftops, and be an instrumental partner in permit development, project development and grid connection." Mr. Seo concluded, "We feel confident that this latest business development, coupled with a number of previous announcements, serves as a solid foundation to establish a growing PV project portfolio in 2014."
For more information:
- Paul Combs
- V.P. of Investor Relations
- 6th Floor, Yongda International Tower
- 2277 Longyang Road, Shanghai,
- PRC 201204 P.R. China
- Tel: 86-21-3852 1533 / Mobile: 86 138 1612 2768
- Email: email@example.com
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial, government and residential markets through a growing network of third-party distributors, OEM manufacturers and system integrators. The company maintains a strong presence worldwide, with a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East. As a responsible company committed to sustainability, Hanwha SolarOne is an active member of the PV Cycle take-back and recycling program.
For more information, visit: investors.hanwha-solarone.com
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 56 domestic affiliates and 249 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
The Wuxi New District Administrative Committee (the "WND")
The Wuxi Administrative Committee is the committee charged with managing Wuxi New District, a major industrial park in China containing approximately 1,200 enterprises, with the aim of improving the manufacturing capabilities of the park and creating job opportunities. Wuxi New District is located in the suburbs of the city of Wuxi, Jiangsu Province, PRC.
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Hanwha SolarOne's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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