SHANGHAI, Nov. 4, 2014 /PRNewswire/ -- 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 a memorandum of
understanding ("MOU") with Yantai Municipal Bureau of Commerce
("YMBC") to establish a long-term strategic partnership with the
aim to develop distributed generation (DG) PV projects. Yantai is a
major port city located in Shandong
Province, China. YMBC 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 100 MW of distributed
generation projects in Yantai. The agreement is in place for five
years with either party able to cancel with 90 day's
notification.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head
of Hanwha SolarOne's China
business commented, "Hanwha SolarOne continues to make progress in
establishing a downstream business in China. Through this partnership we have
already identified rooftops that will accommodate approximately 8
MW of DG projects and are now in the process of securing permits.
We intend to use our own modules and perform the necessary EPC work
for all projects under this MOU." Mr. Seo concluded, "The
latest government initiatives are already having a meaningful
impact on the acceleration of distributed generation projects in
China and we feel we are ideally
positioned to gain further traction in the market going
forward."
About Hanwha SolarOne
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, please visit: www.hanwha-solarone.com.
Safe-Harbor Statement
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. Forward-looking statements involve inherent risks and
uncertainties and actual results may differ materially from such
estimates depending on future events and other changes in business
climate and market conditions. Hanwha SolarOne disclaims any
obligation to update or correct any forward-looking statements.
SOURCE Hanwha SolarOne Co., Ltd.