Hanwha SolarOne Signs Investment Cooperation Agreement with Guangxi – Asean Economic Development Zone Administrative Committee to Develop 50 MW of Distributed Generation Projects
[Shanghai, 13 January, 2015] 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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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
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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