SolarOne builds downstream muscle

Hanwha SolarOne has finalized a new 3.5bn yuan ($570m), three-year credit facility with the Bank of Beijing to bolster its downstream PV aspirations.

Specific drawdowns on the loan, however, remain subject to individual approval procedures at the bank, including reviews of specific projects.

Hanwha SolarOne, known as Solarfun until its acquisition by Korea’s Hanwha Group, is among the many Chinese PV manufacturers looking to thicken its margins via pressing downstream into development and EPC work, beginning with China.

SolarOne claims to have a 250MW project pipeline.

“We expect to build up our EPC competency and project track record, and develop an IPP business – including through strategic partnerships in china now under active discussion,” explains chief financial officer Jay Seo.