Hanwha SolarOne Co. Ltd., a global photovoltaic manufacturer of high-quality, cost-competitive solar modules, announced on December 4th it has signed a memorandum of understanding ("MOU") with Jiangsu Zhongtian Technology Co., Ltd stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business. The two companies aim to cooperate in the development, construction, financing and grid-connection of PV projects. ZTT intends to use PV modules manufactured by Hanwha SolarOne in its permitted 150 MW distributed energy project in Nantong, Jiangsu Province, China. The two companies intend to enter into a definitive strategic cooperation agreement within 90 days following signing of this MOU.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business commented, "The MOU with ZTT is a significant step in accelerating our downstream activities in China. The contemplated cooperation on ZTT's 150 MW distributed generation project in Nantong, as part of the Government's initial National Level Demonstration Plot, will be a strong start to the relationship between our two companies, and we are confident that further synergies will result in additional business opportunities for both companies." Mr. Seo concluded, "We aim to build up our track record and project profile in EPC to include IPP development and ownership. We will actively participate in China's aggressive program to develop renewable energy."