SHANGHAI, March 20, 2014 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic ("PV") manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a memorandum of understanding ("MOU") with the Wuxi New District Administrative Committee (the "Wuxi Administrative Committee") to establish a long-term strategic partnership to develop downstream PV projects. The Wuxi Administrative Committee will provide rooftop space, facilitate local government approvals and grid connection, as well as, aid with obtaining preferential tax treatment and project financing. As part of the strategic partnership, Hanwha SolarOne intends to own and operate 100 MW of distributed generation projects in Wuxi New District.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business, commented, "Hanwha SolarOne has taken another important step towards developing its downstream business in China. We intend to become a significant project owner and operator in China. The Wuxi Administrative Committee will provide us access to a number of high quality rooftops, and be an instrumental partner in permit development, project development and grid connection," Mr. Seo concluded, "We feel confident that this latest business development, coupled with a number of previous announcements, serves as a solid foundation to establish a growing PV project portfolio in 2014."
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial, government and residential markets through a growing network of third-party distributors, OEM manufacturers and system integrators. The company maintains a strong presence worldwide, with a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East. As a responsible company committed to sustainability, Hanwha SolarOne is an active member of the PV Cycle take-back and recycling program. For more information, please visit: www.hanwha-solarone.com.
About the Wuxi New District Administrative Committee (the "WND")
The Wuxi Administrative Committee is the committee charged with managing Wuxi New District, a major industrial park in China containing approximately 1,200 enterprises, with the aim of improving the manufacturing capabilities of the park and creating job opportunities. Wuxi New District is located in the suburbs of the city of Wuxi, Jiangsu Province, PRC.
Safe-Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.
