Hanwha SolarOne, a provider of solar PV modules, announced it has signed a contract with Zhejiang Zhentai New Energy Development to supply modules with capacity of 12.96 MW.
The modules are scheduled for delivery in December 2013 and will be installed in a utility-scale project in Yongchang, Gansu Province.
Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne’s downstream business commented, “We continue to focus on improving our competitive position in the China market and this new contract adds to our recent success.”
“We now have a backlog of over 250 MW in China, have begun development of a strategic partnership with Jiangsu Zhongtian Technology, completed several sizeable module supply contracts, are building an EPC competency, and secured a framework credit line with Bank of Beijing for RMB 3.5 billion (approximately US$574 million) over the next three years, providing us the flexibility to fund future downstream projects (IPP) as they develop, without unnecessarily leveraging the balance sheet near-term,” SEO added.
Hanwha SolarOne signs MoU with ZTT for downstream PV business in China
Hanwha SolarOne recently signed a memorandum of understanding (MoU) with Jiangsu Zhongtian Technology (ZTT) stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business.