In it efforts to move downstream and become a photovoltaic energy provider (PVEP), Hanwha SolarOne has struck a deal the Bank of Beijing for a three-year US$574 million credit facility.
The company said the facility would be used to build its PV project pipeline in China, which is currently only 250MW.
Echoing tight lending controls by Chinese banks to China-based PV firms, Hanwha SolarOne noted that draw-downs on the new credit facility would be subject to the bank's approval, including “reviews of the specific applicable project information”.
Jay Seo chief financial officer of Hanwha SolarOne, said: “This is an important component to support our emphasis on a strengthening downstream business in China. We currently have 250MW in our pipeline. We expect to build up our EPC competency and project track record and develop an IPP [independend power producer] business, including through strategic partnerships in China now under active discussion.”