Chinese bank offers credit to Hanwha’s solar unit

HONG KONG - Hanwha Group’s solar business unit has reached an agreement with a Chinese bank, allowing the firm to get a credit line in its push to explore China and overseas, group officials said yesterday.

Hanwha SolarOne, a China-based manufacturer of photovoltaic (PV) cells and modules, said it struck a deal this week with the Bank of Beijing, which will offer up to 3 billion yuan ($480 million) of credit to the solar energy firm over the next 12 months.

The specific amount of credit is subject to approval by the Bank of Beijing, Hanwha officials said.

“This new credit facility provides us with access to the additional financial resources necessary to manage and grow our business to exploit downstream project opportunities in China and abroad,” said Jay Seo, the chief financial officer of Hanwha SolarOne.

“Additionally, we are pleased to have broadened our banking relationships within China to include another leading financial institution, the Bank of Beijing.”

Hanwha SolarOne is one of the world’s top 10 PV manufacturers.
In 2010, Hanwha Chemical, a leading affiliate of Hanwha Group, took over Solarfun Power Holdings, a Chinese solar modules manufacturer, and renamed the company Hanwha SolarOne.

Hanwha Group has vowed to ramp up its solar energy business in China in a bid to expand its presence in the renewable energy sector.

Hanwha SolarOne also said earlier it will leverage the financial might of its parent company to establish leading positions in key emerging PV markets.

The Bank of Beijing, established in January 1996, is a listed bank specializing in China-foreign strategic partnerships. The Bank ended 2011 with 860 billion yuan in assets.

Yonhap