As part of the 49.99 % purchase of Solarfun by Korea’s Hanwha Chemical, the Chinese vertically integrated PV manufacturer is changing its name to reflect the future direction of the company. Having received its Board of Directors approval, Solarfun has been renamed Hanwha Solar One. The key aim is to become a top three module manufacturer by 2015, which will entail extending operations upstream into polysilicon production and downstream into EPC, project management and project finance.
“Following Hanwha's strategic investment in Solarfun in mid-September, we have worked closely together to develop a long-term strategy to grow our company into a top three module manufacturer by 2015,” noted Dr Peter Xie, President and CEO of Hanwha Solar One. “This new name reflects the cooperation between the two companies and our mutual commitment to further growth. The complementary skill sets between the two companies will lead to a 'virtual' vertically-integrated business model, under which we will be able to lower our production costs, increase product quality and innovation, and expand our customer base globally.”
Hanwha Chemical has assets of over US$85 billion and expected revenue in 2010 of US$27 billion.
The earlier move to acquire a major stake in Solarfun was to diversify its business, while leveraging its core materials expertise. Hanwha has noted that it was considering the building of a polysilicon plant in Korea, which could be operational in 2013. No formal plans have yet been announced.
The plans for 2011, previously outlined, include boosting ingot capacity from 360MW to 510MW and wire saw capacity from 400MW to 572MW. Solar capacity will also be increased from 550MW to 820MW, better matching its module capacity.