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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.
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.