Hanwha SolarOne Completes One of China's Largest Distributed Generation Projects to Date Totaling 31 MW
[Shanghai, 15 May, 2014] Hanwha SolarOne Co. Ltd. (the “Company”, or “Hanwha SolarOne”), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has completed the installation of 31 MW in an engineering, procurement and construction ("EPC") commercial rooftop project in Guangdong Province, China.
Mr. Jay SEO, Chief Financial Officer and Head of China Business of Hanwha SolarOne commented, “This attractive and profitable distributed generation project in Southern China is part of a cooperative business development agreement with a large well-established state-owned enterprise (the “SOE”) signed in 2013. The agreement also sets out aims for Hanwha SolarOne and the SOE to further collaborate on the development of PV solar plants across China in the near future. We have successfully completed other large-scale EPC contracts in China and will use this track record to assist us in developing our PV project portfolio as an independent power producer ("IPP"), as well as other additional downstream activities.” Mr. SEO concluded, “The Chinese central and local governments are encouraging the development of distributed generation solar projects throughout the country with new incentives and other favorable policies. We are pleased to play a meaningful role in the country’s efforts to increase solar power.”
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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.
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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.
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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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