Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a memorandum of understanding ("MOU") with Yantai Municipal Bureau of Commerce ("YMBC") to establish a long-term strategic partnership with the aim to develop distributed generation (DG) PV projects. Yantai is a major port city located in Shandong Province, China.
YMBC will help secure rooftop space, facilitate project approval and grid connection, as well as aid with obtaining tax preferences and project financing. As part of the strategic partnership Hanwha SolarOne intends to develop, own and operate 100 MW of distributed generation projects in Yantai. The agreement is in place for five years with either party able to cancel with 90 day's notification.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's China business commented, "Hanwha SolarOne continues to make progress in establishing a downstream business in China. Through this partnership we have already identified rooftops that will accommodate approximately 8 MW of DG projects and are now in the process of securing permits. We intend to use our own modules and perform the necessary EPC work for all projects under this MOU." Mr. Seo concluded, "The latest government initiatives are already having a meaningful impact on the acceleration of distributed generation projects in China and we feel we are ideally positioned to gain further traction in the market going forward."
