Hanwha SolarOne, a major China-based manufacturer of silicon ingots, wafers, solar cells and panels has announced it has secured USD100 million to fund further expansion.
Chief Financial Officer of Hanwha SolarOne Mr. Jay Seo commented, “We are pleased to expand our collaboration with Standard Chartered Bank and Korea Development Bank. The new loan facility provides us with the capital resources to fund our continued business expansion, and we view it as a critical component of our financial plan.”
Hanwha SolarOne evolved through a strategic partnership between Hanwha and Solarfun Power Holdings in 2010.
Earlier this year, the company announced plans to increase solar cell production capacity from 550 MW to 820 MW, wire saw capacity from 400 MW to 572 MW and ingot output capacity from 360 MW to 510 MW.
In January, Hanwha SolarOne announced the signing of an investment memorandum of understanding for a new 2 gigawatt solar cell production facility to be constructed in China’s Nantong Economic and Technological Development Zone, located in Jiangsu Province.
Hanwha SolarOne solar panels became popular in Australia for home solar power and commercial solar installations under the previous Solarfun branding. The popularity is continuing under the new partnership due to the quality of the modules and a value-for-money pricing point; offering an excellent balance of performance and economy. The solar modules are often rebranded in Australia to bear the name of the company selling them.
SolarOne panels are also being well received in the USA, with the company expecting shipments of modules to North America to more than double this year to over 100 MW.
The company sees its major strength as being the full integration and control of the entire value chain; from polysilicon, ingots, wafers, cells and modules through to project development.
