SolarOne in downstream partnership
Hanwha SolarOne has joined with Chinese fibre-optic cables specialist Jiangsu Zhongtian Technology (ZTT) in a “long-term strategic partnership”, further ramping up its downstream PV ambitions.
The arrangement will initially see Hanwha SolarOne supplying 150MW of modules to ZTT’s fully consented distributed PV project in Nantong, Jiangsu province.
That project is one of the National Level Demonstration Pilot schemes unveiled this summer by Beijing, which will see distributed PV systems installed within National Economic Development Zones filled with energy-intensive industries and plenty of sun.
Beyond that project, the two China-based companies aim to co-operate in the “development, construction, financing and grid-connection” of PV projects, with their arrangement to be formalized in the coming months.
Hanwha SolarOne chief financial officer Jay Seo calls the memorandum of understanding a “significant step in accelerating our downstream activities in China”.
“We are confident that further synergies will result in additional business opportunities for both companies,” Seo adds.
Hanwha SolarOne, owned by Korea’s Hanwha Group, has made clear its intention to become a significant EPC contractor and independent power producer in China over the next few years.
On Monday SolarOne finalized a 3.5bn yuan ($570m), three-year credit facility with the Bank of Beijing to bolster its downstream activities.