Hanwha SolarOne Co., Ltd. today announced it has signed an investment cooperation agreement with Guangxi - Asean Economic Development Zone ("GAEDZ") Administrative Committee to establish a long-term strategic partnership with the aim to develop distributed generation (DG) PV projects. GAEDZ will help secure rooftop space, facilitate project approval and grid connection, as well as aid with obtaining tax preferences and project financing. As part of the strategic partnership Hanwha SolarOne intends to develop, own and operate 50MW of distributed generation projects in GAEDZ. Either party is able to cancel the agreement with 90 day's notification.
Mr. Seong-woo Nam, Chairman and CEO of Hanwha SolarOne commented, "Hanwha SolarOne is pleased to partner with GAEDZ as we look to make 2015 a defining year for the company in terms of downstream business. We believe that the government initiatives announced in September of last year will have a far greater impact on installations in China this year and we hope that this agreement demonstrates our intent to be at the forefront of the DG market." Mr. Nam concluded, "Shipment growth of over 300% to the China market in the second half of 2014 compared with the first half exhibits our strong performance and we are committed to further expanding our presence in the most globally significant market in the world throughout 2015."