Hanwha Acquires Q.CELLS, One of the World's Leading Photovoltaics Companies

Hanwha to become the 3rd largest PV cells producer with the capacity of 2.3 GW

  • Acquisition value is EUR 40 million
  • Securing favorite position to gain market dominance upon the solar industry upturn

[30 August, 2012] Hanwha Group becomes the 3rd largest solar cell manufacturer in the world through the successful acquisition of a German solar company Q.CELLS.

On August 29, Hanwha Chemical, through its subsidiary Hanwha Solar Germany GmbH finalized the deal with Q.CELLS to acquire their German headquarter, production facilities in Germany and Malaysia and sales offices in US, Australia and Japan.

With this deal, Hanwha Group is to obtain Q.CELLS’ headquarter office, cell and module production facilities (200 MW/120 MW) in Germany, cell production facility (800 MW) in Malaysia and sales offices in US, Australia and Japan. The total cell production capacity acquired from this transaction is equivalent to 1 GW.

The total acquisition value is EUR 40 million (around KRW 55.5 billion) with possibility of further negotiations until closing.

Hanwha has effectively renegotiated to buy in the existing loan agreement (MYR 850 million / around KRW 300 billion) signed between Q.CELLS Malaysia and the Malaysian government. With a strong support shown by the Malaysian government, the loan has been structured in such ways that Hanwha can use the profits generated from Malaysian operations to pay back in the long-term.

Seung-Youn Kim, Chairman of Hanwha Group, at the 2012 New Year’s speech said, “Due to global economic recession, the solar industry is going through some difficulties, however, we are determined to seize the opportunity upon the market recovery. Until now, human beings relied heavily on fossil fuels to come this far, but I believe that green energy is our future. Our vision of becoming a globally leading company in solar energy remains unchanged and we will continue to pursue that.”

With Q.CELLS’capacity of 1 GW added on to the existing Hanwha Solar’s cell production capacity of 1.3 GW, Hanwha will reach the total annual production capacity of 2.3 GW and becomes the 3rd largest solar cell manufacturer in the world.

Q.CELLS filed for bankruptcy on April 3 this year due to downturn in the global solar industry, European sovereign debt crisis and reduction in German government solar subsidy. Even so, Q.CELLS has remained as a leading global solar player with revenues of EUR 1,354 million and EUR 1,023 million, in 2010 and 2011 respectively.

Since 2007, Q.CELLS has strengthened its capabilities in its system business including development, finance and sales through its EPC program (Engineering, Procurement and Construction), which accumulated to 550 MW of track record.

Q.CELLS is well-known for its best-in-class R&D researchers and engineers of 250 people specializing in solar cells and manufacturing innovation. Hanwha Group will add tremendous R&D capabilities to its own solar R&D center in Silicon Valley, Korean and China through the acquisition of Q.CELLS and it will help the group to secure the favorable position to become the globally leading solar company in the near future.

Hanwha Q CELLS

Hanwha Q CELLS is a renowned total energy solutions provider for solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Hanwha Q CELLS provides excellent products and services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets.

For more information, visit: www.q-cells.com

Hanwha Group

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 more than 85 domestic affiliates and over 380 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 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

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