Hanwha SolarOne Co., Ltd. has signed a memorandum of understanding (MOU) with the Wuxi New District Administrative Committee (the Wuxi Administrative Committee) to establish a long-term strategic partnership to develop downstream PV projects. The Wuxi Administrative Committee will provide rooftop space, facilitate local government approvals and grid connection, as well as, aid with obtaining preferential tax treatment and project financing. As part of the strategic partnership, Hanwha SolarOne intends to own and operate 100 MW of distributed generation projects in Wuxi New District.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business, commented, "Hanwha SolarOne has taken another important step towards developing its downstream business in China. We intend to become a significant project owner and operator in China. The Wuxi Administrative Committee will provide us access to a number of high quality rooftops, and be an instrumental partner in permit development, project development and grid connection," Mr. Seo concluded, "We feel confident that this latest business development, coupled with a number of previous announcements, serves as a solid foundation to establish a growing PV project portfolio in 2014."