Hanwha SolarOne has signed a supply agreement with Baotou Shansheng New Energy for delivery of 50 MW of Hanwha SolarOne's PV modules. Deliveries began in early August and are scheduled for completion by mid-September. The modules will be used in ground-mounted projects in Hohhot and Baotou, Inner Mongolia.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's China business commented, "We are pleased to work with Baotou New Energy in developing renewable energy sources in northern China. The Chinese government has just formalized a 13 GW target for solar installations in 2014 and outlined some additional support, particularly for distributed generation projects. We are seeing a meaningful surge in business opportunities beginning in the third quarter and are increasingly optimistic that market demand in China will be robust throughout the remainder of this year."
Until now, China has installed about 3.3GW of solar power nationwide. If the target remains as the determination, it is expected to be almost 10GW of newly additional installation.