Hanwha SolarOne secures loan for expansion

23. September 2011 | Global PV markets, Markets & Trends | By:  Jonathan Gifford

Chinese-based cell and module manufacturer Hanwha SolarOne has secured a USD$100 million loan from the Standard Chartered Bank and Korea Development Bank.

Solar modules being shipped.

Selective emitter technology is likely to be added to Hanwha SolarOne's production drawing on the borrowed funds. Image: Hanwha SolarOne.

The company issued a statement to pv magazine saying that it will use the funds to complete "preliminary infrastructure work" on a new plant with cell and module capacity each worth one gigawatt (GW). The plant will be built in Nantong, where the company has an agreement with the city.

Hanwha also informed pv magazine that the new capacity, "will likely employ selective emitter technology, which improves cell efficiencies [by] one percent."

In a statement announcing the loan, CFO Jay Seo said that he was pleased to be working with Standard Chartered Bank and Korea Development Bank. "The new loan facility provides us with the capital resources to fund our continued business expansion, and we view it as a critical component of our financial plan."

The company says that the ability to work with the Korea Development Bank is one of the benefits of Hanwha ownership.

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