Hanwha SolarOne has signed its second supply agreement with Baotou Shansheng New Energy Co., Ltd. for delivery of 50 MW of Hanwha SolarOne's PV modules. Deliveries will begin in October and are scheduled for completion by the end of November. The modules will be used in ground-mounted projects in Hohhot and Baotou, Inner Mongolia. Previously, the two companies signed a similar 50 MW module supply agreement on August 9, 2014 as well.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's China business commented, "We are pleased to strengthen our relationship with Baotou New Energy in developing renewable energy sources in northern China. We have now signed 100 MW in module supply agreements with deliveries taking place between August and November this year, alone representing approximately a four-fold increase in volumes shipped to China during the first half of 2014.”
As the Chinese government has formalized its 13GW yearly target for solar installation and has outlined some guidelines for distributed PV generation, the nation’s momentum in solar energy remains strong. The agreement represents an optimistic outlook to China’s solar market in the rest of 2014.