Hanwha SolarOne wins $480m credit line for downstream push

The Bank of Beijing will offer a 3bn yuan ($480m) credit line to Hanwha SolarOne, marking an important new financial relationship for the Korea-owned Chinese PV manufacturer as it pushes into downstream project development.

The credit line, which will extend for an initial one-year period, will allow SolarOne – formerly known as Solarfun – to “exploit downstream project opportunities in China and abroad”, says chief financial officer Jay Seo.

The deal comes as SolarOne, which is owned by Korean conglomerate Hanwha, has opened its first office in Israel – coming on the heels of a major module supply deal it struck in South Africa.

The company has made clear that it will leverage the financial might of its parent company to establish leading positions in key emerging PV markets around the world.

Israel is a “very promising market for the PV industry”, with grid parity “just around the corner”, says Justin Lee, managing director of the company’s German subsidiary.

“With Hanwha Group’s strong financial backing, we are ideally positioned to become a key driver in developing Israel’s solar power potential, and will take a leading role in utility-scale projects,” says Lee.

Hanwha has named Eran Kopel – formerly of SunPower – as its new sales and marketing director for Israel.