Having closed its 49.99% interest in Solarfun, Hanwha Chemical has been given seats on Solarfun's board. Outgoing is Yonghua Lu and John Breckenridge, while independent directors, Terry McCarthy and Professor Rongqiang Cui, resigned from Solarfun. At the same time, three new appointments have come from Hanwha Chemical, as Ki-Joon Hong (CEO of Hanwha), Dong Kwan Kim and Wook Jin Yoon were appointed as directors of Solarfun.
The total proceeds to Solarfun from the investment by Hanwha amounted to approximately US$78 million, which Solarfun said would be used to fund its expansion plans and for general corporate purposes.