Hanwha Q CELLS increases capital by $188.5 million

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Hanwha Q CELLS announced on Thursday that it had received a capital injection from South Korean parent company Hanwha Chemical of $188.5 million, effective November 27.

The company said the cash influx would help it consolidate its position as a financially stable and reliable partner for PV customers and project partners around the globe.

"The capital increase will further strengthen our balance sheet as well as the bankability of our high quality and low LCOE photovoltaic solutions," said Hanwha Q CELLS CEO Charles Kim. "Thus we solidify Hanwha Q CELLS’ position as the reliable partner in the PV industry and underline our overall commitment to become a leader in solar."

Ki-Joon Hong, the vice chairman and chief executive of Hanwha Chemical, said: "Our commitment to solar extends beyond building a successful business. We are dedicated to turning solar into the centerpiece of the Group´s future growth."

Hanwha Q CELLS said it would use its strengthened balance sheet to further expand the company’s production capacity as well as its international business in 2014, especially in the global power plant solution segments.

"On the basis of our high quality solar cells, modules and PV applications ‘engineered in Germany,’ we will further strengthen our position as the competent partner for PV power plant solutions in 2014, including project development, EPC, financing and other services," said Kim.

Hanwha Q CELLS said the combination of its approximately 600 MW of installed solar power plant capacity and its expertise in project development and financing made "for a broad and attractive portfolio of tailor-made power plant solutions and services for investors, developers and PV customers, both in the large-scale business as well as in the commercial segment."

In addition, the company said it would add new capacity to its international production setup in the coming year.

"We will integrate one additional production line at our manufacturing site for solar cells in Malaysia," Kim said, adding that the group would increase capacities for module production with its certified partners in Europe and Asia.

The company said the increase in its international production capacity reflected a growing worldwide demand for its PV products, solutions and services.