Hanwha Solarone Co Ltd (NASDAQ:HSOL) To Supply 50 MW PV In Northern China


Dallas, Texas 09/10/2014 (FINANCIALSTRENDS) – Hanwha Solarone Co Ltd (NASDAQ:HSOL) the makers of silicon ingots and wafers, besides PV arrays of cells and modules in China, has announced a new supply deal. It has signed a deal with Baotou Shansheg New Energy Co. Ltd to deliver over 50 MW of photovoltaic modules, and it is the second such supply agreement with the former.

The deal mentions that the supply would begin by October and the entire tranche supply would be completed by end of November.

Hanwha Solarone Co Ltd (NASDAQ:HSOL) second supply deal agreement will see the use of these PV Modules in Hohhot as well as Baotou, which is located in Inner Mongolia.

The first of the supply agreement too was for 50 MW module signed on August 9, 2014.

Hanwha Solarone Co Ltd (NASDAQ:HSOL) SEO, Mr. Jay shares that, “We are pleased to strengthen our relationship with Baotou New Energy in developing renewable energy sources in northern China. We have now signed 100 MW in module supply agreements with deliveries taking place between August and November this year.”

Jay who also heads Hanwha SolarOne’s Chinese business segment also commented that, the entire deal of 100MW accounts for an increase in the volumes of solar accessories shipped to China in H1 2014. The increase in supply to China is nearly four-fold thus far he noted. He remained positive about second half supply too being substantial, given the Chinese government’s strategy and commitment to install 13 GW of solar installations in 2014.

Chinese aim of distributed generation is expected to meet the demands of Chinese energy consumption by the fourth-quarter, and also cater to the needs in the coming years.

Boatou Shansheng New Energy Co. Ltd operates in the ‘Golden Triangle’ of Hohhot, Baotaou and Ordos of Inner Mongolia, generating thermoelectricity through co-generation since 2004. The company is known to use coal gangue and sewage to generate the electric power.