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As revealed in Hanwha SolarOne’s recent quarterly financial conference call, the PV module manufacturer is moving downstream to become a project developer and financier. As part of those business changes the company has formed a joint venture with project developer S.A.G. Solarstrom to initially build-out 20MWp of rooftop projects - mainly in Northern Italy - that are expected to be completed by the end of June 2012.
The roof-top systems were said to be installed on behalf of a joint venture company, in which the Hanwha Group, parent company of Hanwha SolarOne would hold an 85% share, while S.A.G. Solarstrom would have the remaining 15% holding.
The deal also included Hanwha Europe, Hanwha SolarOne and Hanwha SolarEnergy Corp.
S.A.G. Solarstrom said that Hanwha SolarOne’s PV modules would be used in the rooftop projects with the possibility of the JV installing a further 20MWp of rooftop projects that could be developed. No timelines were given for the other projects.