Hanwha SolarOne Co. Ltd., a global photovoltaic manufacturer of high-quality, cost-competitive solar modules, announced on December 2ndit has finalized a framework agreement with the Bank of Beijing for access to up to RMB3.5 billion (approximately US$574 million) of credit over the next three years. Specific drawdowns are subject to the approval procedures of the Bank of Beijing, including reviews of the specific applicable project information.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "We are pleased to have continued our banking relationship with the Bank of Beijing. This is an important component to support our emphasis on a strengthening downstream business in China. We currently have 250 MW in our pipeline. We expect to build up our EPC competency and project track record and develop an IPP business, including through strategic partnerships in China now under active discussion."