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."
The new company is already said to have completed a number of photovoltaic projects, including 1.14 MW for the Los Angeles Unified School District and a 450 kW system for Hydro Systems Inc.
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 Californias 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 groups 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.