Hanwha SolarOne Signs Investment Cooperation Agreement with Guangxi – Asean Economic Development Zone Administrative Committee to Develop 50 MW of Distributed Generation Projects
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 signed an investment cooperation agreement with Guangxi - Asean Economic Development Zone ("GAEDZ") Administrative Committee to establish a long-term strategic partnership with the aim to develop distributed generation (DG) PV projects. GAEDZ will help secure rooftop space, facilitate project approval and grid connection, as well as aid with obtaining tax preferences and project financing. As part of the strategic partnership Hanwha SolarOne intends to develop, own and operate 50 MW of distributed generation projects in GAEDZ. Either party is able to cancel the agreement with 90 day's notification.
Mr. Seong Woo Nam, Chairman and CEO of Hanwha SolarOne commented, "Hanwha SolarOne is pleased to partner with GAEDZ as we look to make 2015 a defining year for the company in terms of downstream business. We believe that the government initiatives announced in September of last year will have a far greater impact on installations in China this year and we hope that this agreement demonstrates our intent to be at the forefront of the DG market." Mr. Nam concluded, "Shipment growth of over 300% to the China market in the second half of 2014 compared with the first half exhibits our strong performance and we are committed to further expanding our presence in the most globally significant market in the world throughout 2015."
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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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
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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