Hanwha SolarOne has signed a memorandum of understanding with Yantai Municipal Bureau of Commerce (YMBC) to provide a long-term strategic partnership and develop distributed generation (DG) PV projects.
Yantai is a key port city in Shandong Province, China. YMBC will provide rooftop space, speed up project approval and grid connection in addition to helping in tax preferences allocation and project financing.
According to the partnership, Hanwha SolarOne will develop, own and operate 100 MW of distributed generation projects in Yantai and the agreement is for five years.
Hanwha SolarOne continues to make progress in establishing a downstream business in China. Through this partnership company has already identified rooftops that will accommodate approximately 8 MW of DG projects and are now in the process of securing permits, commented, Jay SEO, CFO, Hanwha SolarOne, head, Hanwha SolarOne’s China business.
Company intends to use the modules and perform the necessary EPC work for all projects under this MOU. The latest government initiatives are already having a meaningful impact on the acceleration of distributed generation projects in China, added SEO.