Hanwha SolarOne Co., Ltd.("SolarOne" or the "Company") (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, announced it has reached an agreement with the Bank of Beijing for access to up to RMB 3.0 Billion (approximately US$475 million) of credit over the next twelve-month period. Drawdown of specific amount is subject to approval procedures of the Bank of Beijing, including review of specific project information, as applicable.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "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. Additionally, we are pleased to have broadened our banking relationships within China to include another leading financial institution, the Bank of Beijing."