SolarOne in 100MW China DG pact
Hanwha SolarOne has signed an agreement with Wuxi, a city of six million people in eastern China, to develop, own and operate 100MW of distributed PV capacity.
Chief financial officer Jay Seo calls the memorandum of understanding, signed with the Wuxi New District Administrative Committee, “another important step towards developing [our] downstream business in China”.
China-based SolarOne – which is majority owned by Korea’s Hanwha – is like many of its rivals rapidly building a projects business as China dramatically balloons its PV capacity.
The arrangement will see the Wuxi Administrative Committee provide SolarOne with prime rooftop space, facilitate local government approvals and grid connections, and help pin down preferential tax treatment and project financing, the company says.
SolarOne has signed a number of memoranda of understanding regarding downstream partnerships in recent months.
“We intend to become a significant project owner and operator in China,” says Seo.