SolarOne gets $100m Korea loan

China’s Hanwha SolarOne has obtained a $100m three-year loan facility from the Export-Import Bank of Korea, underscoring the benefits of its Korean ownership at a time when credit is tightening significantly in China.

The Qidong-based vertically integrated PV manufacturer will pay interest of 1.99% per annum, on top of three-month LIBOR.

“We continue to be fortunate to access relatively low-cost funding from offshore sources,” says chief financial officer Jay Seo.

“This new capital will enhance our ability to support current working capital needs, continues our shift of loans from short to longer term, and allows some flexibility in developing our business strategies for the future.”

In 2010 the Hanwha Group, a Korean conglomerate, acquired a controlling minority stake in the company then known as Solarfun, later rebranded Log in to read complete article.

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