Under the terms of the contract, GCL-Poly will supply the Chinese photovoltaics module manufacturer with a total of 2.5 gigawatts (GWs) of wafer and polysilicon products over the next five years, starting in January and ending in December 2015. A price adjustment mechanism is said to be included in the contract.
Peter Xie, president and chief executive officer of Solarfun commented: By signing the long-term supplementary wafer and polysilicon product contract with GCL-Poly ( ) this will solidify our requirements for key raw materials on a cost-effective basis and allow us to continue to expand scale and meet our growing customer needs worldwide.
Meanwhile, Solarfun has announced it will now be called Hanwha SolarOne. The company said the change was made in order to reflect its ongoing efforts to strengthen its brand worldwide, and the strategic business partnership with Hanwha Chemical, which currently owns 49.99 percent of Solarfun.
Xie explained: "Following Hanwha’s strategic investment in Solarfun in mid-September, we have worked closely together to develop a long-term strategy to grow our company into a top three module manufacturer by 2015. This new name reflects the cooperation between the two companies and our mutual commitment to further growth.
"The complementary skill sets between the two companies will lead to a ‘virtual’ vertically-integrated business model, under which we will be able to lower our production costs, increase product quality and innovation, and expand our customer base globally."