Hanwha SolarOne Expands Its Presence in China
Hanwha SolarOne Co., Ltd. (the “Company”, or “Hanwha SolarOne”) (Nasdaq: HSOL), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules is expanding its stance in China, establishing an MOU and supply contracts with 3 acknowledged companies.
On December 4, 2013, Hanwha SolarOne announced that it has signed a memorandum of understanding (“MOU”) with Jiangsu Zhongtian Technology Co., Ltd (“ZTT”) stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business. The two companies aim to cooperate in the development, construction, financing and grid-connection of PV projects. ZTT intends to use PV modules manufactured by Hanwha SolarOne in its permitted 150 MW distributed energy project in Nantong, Jiangsu Province, China. The two companies intend to enter into a definitive strategic cooperation agreement within 90 days following signing of this MOU.
On December 10, 2013, Hanwha SolarOne announced it has supplied modules for two projects with an aggregate capacity of 50 MW to one of China’s largest state-owned power companies, China Huaneng Group. The modules were delivered to two separate utility-scale installations: (i) an approximately 30 MW in Qingtongxia, a city in the Ningxia Hui Autonomous Region (NHAR) and (ii) a 20 MW project in Wuchuan, Inner Mongolia Autonomous Region.
On December 11, 2013, Hanwha SolarOne signed a contract with Zhejiang Zhentai New Energy Development Co., Ltd. (a member of the “Chint Group”) to supply modules with capacity of 12.96 MW. The modules are scheduled for delivery in December 2013 and will be installed in a utility-scale project in Yongchang, Gansu Province.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne’s downstream business commented, “We continue to focus on improving our competitive position in the China market and these new MOU and contracts add to our recent success”. Mr. SEO added “We now have a backlog of over 250 MW in China, have begun development of a strategic partnership with Jiangsu Zhongtian Technology, completed several sizeable module supply contracts, are building an EPC competency, and secured a framework credit line with Bank of Beijing for RMB 3.5 billion (approximately US$574 million) over the next three years, providing us the flexibility to fund future downstream projects (IPP) as they develop, without unnecessarily leveraging the balance sheet near-term.”
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- Paul Combs
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- PRC 201204 P. R. China
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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.
For more information, visit: www.qcells.com/us/
Founded in 1952, Hanwha has grown quickly by anticipating and responding to changing business environments with a balanced business portfolio that includes energy & materials, aerospace, finance and retail & services. Our expertise and synergy in key areas have catapulted us into the seventh-largest business in South Korea and a Fortune Global 500 company. Hanwha continues to grow rapidly as we strive to pursue global leadership in all of our businesses. We are building a robust foundation for sustainable development and a brighter future for everyone.
For more information, visit: www.hanwha.com
Jiangsu Zhongtian Technology Co., Ltd (ZTT)
ZTT, a Shanghai Stock Exchange listed company, was registered in 1992 and began operations in the field of optical fiber communication, playing a meaningful role in the development of China’s high-speed telecommunications network and power grid. ZTT is now cultivating its third main business new energy, providing customers with a full range of green energy solutions including product design, equipment manufacturing, technical support and project services. ZTT’s new energy profile includes distributed power station and micro grid development, PV back sheet, large capacity cylindrical lithium-ion batteries and energy storage, and low-energy prefabricated residences.
China Huaneng Group
China Huaneng Group is a key state-owned company established with the approval of the State Council. China Huaneng Group was established in 1985, currently has registered capital of 20 billion Yuan, and plays a meaningful role in satisfying the growing power demands required for economic and social development in China. With over 130 GW of installed capacity in 30 provinces (municipalities and autonomous regions) China Huaneng Group was the first Chinese power producer to be included in the Global Fortune 500 ranking. China Huaneng Group has an active effort in renewable energy development and is a Green company advocating technology advancement and environmental protection.
Chint Group has developed to be the leader in Chinese industrial electrical equipment production and clean energy fields. Chint Group has total assets of over US$30 billion and 29,000 employees. Business of Chint Group ranges from low-voltage electrical products to power transmission and distribution equipments and services, instruments & meters, building appliances, automobile parts, industrial automation, PV power generation, and equipment manufacturing. Chint Group is also the largest clean energy supplier and energy efficiency management solution provider with the most complete product ranges in China. Their products have found ready markets in more than 100 countries and regions, including Europe, Asia, Middle East, and Africa.
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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