Hanwha Q CELLS announced that its US entity has signed a $20 million three-year Senior Secured Revolving Credit Facility with Wells Fargo Capital Finance. The credit line will be used for working capital and other general corporate purposes.
Jay SEO, chief financial officer of Hanwha Q CELLS said, "We are pleased to have secured this credit line from Wells Fargo, one of the most well-respected US financial institutions and active financiers of renewable energy. Its confidence demonstrates the combined strength of our newly-merged companies (Hanwha SolarOne and Hanwha Q CELLS) to meet rigid credit standards, as well as access funding outside of our traditional sources in China and South Korea." Mr. SEO concluded, "The US is a key strategic market for our company and we are particularly well-positioned to capture share with our diverse 'tariff free' manufacturing base outside of mainland China."
Ms. Kimberly Jablonski, senior vice president at Wells Fargo Capital Finance noted, "It is a pleasure to work with one of the world's largest solar energy companies, which is rapidly expanding in the US solar market. We look forward to a long-lasting relationship with Hanwha in helping it bring solar energy throughout America."