Hanwha SolarOne partners with HuiTianRan in China

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Hanwha SolarOne announced on Wednesday that it had signed a memorandum of understanding (MOU) with Shanghai HuiTianRan Investment Holding Group (HTR) to establish a long-term strategic partnership in the PV downstream business in China.

Hanwha SolarOne said it would leverage HTR’s existing joint venture with a large state-owned electric power company. The two firms also aim to jointly establish a joint venture to develop and construct PV power plant projects.

HTR furthermore intends to use PV modules manufactured by Hanwha SolarOne in its 700 MW power plant projects or select the company to serve as the EPC service supplier for the projects.

Jay Seo, Hanwha SolarOne’s chief financial officer and head of the company’s downstream business, said, "The MOU with HTR provides further impetus to our accelerating downstream activities in China. The contemplated cooperation on HTR’s planned 700 MW PV power plant projects with a well-established SOE [state-owned enterprise] provides the potential for either a large module supply agreement or selection as sole EPC provider."

Seo added that the company continued to build up its track record and project profile in the EPC area and planned to engage in independent power producer development and ownership going forward. "We have now identified downstream business potential of 950 MW in China through this and other recently announced agreements," Seo concluded.