Korea’s Hanwha SolarOne Co. Ltd is continuing with its downstream expansion strategy. Amid rumors the Hanwha Group is gearing up to take over Germany-based Q.Cells, the company has launched Hanwha SolarEnergy America (HSEA) in North America.
HSEA will focus on the photovoltaic project business, dealing with project financing, development, and EPC and O&M solutions in both the commercial and utility sectors, according to a statement released. The move is said to represent the complete integration of California-based Solar Monkey into the Hanwha Group.
Matthew McCullough, CEO of Hanwha SolarEnergy America stated, "With a thousand megawatts of projects in the pipeline, the newly branded Hanwha SolarEnergy America represents a significant force in project development. The full capabilities of Hanwha Solar, from manufacturing to project development to finance, will allow us to become a leading provider of solar energy services in North America."
Hanwha Solar One has invested US$50 million in the U.S. over the past two years, through partnerships with businesses like residential lease financing company, OneRoof Energy, Crystal Solar, Solar Monkey and 1366 Technologies. It also recently announced a partnership with U.S. energy storage system company, Silent Power, and opened an R&D research center in California’s Santa Clara.
Meanwhile, rumors abound over the possibility of a takeover of Q.Cells by the Hanwha Group. Following reports by Reuters at the end of June, both the Korean Herald and Korea Times yesterday reported that a takeover is imminent.
"The group’s affiliate Hanwha Chemical is in the final stage of negotiations to absorb Q-Cells," wrote the Korea Times. It added that a 100 strong group was sent to conduct due diligence at Q.Cells’ German headquarters and Malaysian manufacturing plant in May.
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