Hanwha SolarOne signs 13 MW module supply contract in China

SHANGHAI, CHINA: Hanwha SolarOne Co Ltd. announced it has signed a contract with Zhejiang Zhentai New Energy Development Co Ltd. 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, CFO of Hanwha SolarOne 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."

Jay added: "And 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 over the next three years, providing us the flexibility to fund future downstream projects as they develop, without unnecessarily leveraging the balance sheet near-term."