Chinese solar products maker Hanwha Solarone Co (NASDAQ:SOLF), formerly Solarfun Power Holdings Co, said it would build a 1GW cell and module factory in China’s Jiangsu province.
January 19, 2011 – ADP News Asia/Pacific — Chinese solar products maker Hanwha Solarone Co (NASDAQ:SOLF), former Solarfun Power Holdings Co, said it would build a 1GW cell and module factory in China’s Jiangsu province.
The company plans to spend USD 500 million (EUR 373.1m) in three years to establish the plant. It is the first phase of a project to set up cell and module facilities with an annual capacity of 2GW in Nantong, under the solar firm’s memorandum of understanding (MOU) with the Nantong Economic and Technological Development Zone in Jiangsu province.
“We are preparing to meet increased demand for our products as we expect the global shift towards green energy, especially solar energy, to increase sharply in the coming years,” Hanwha Solarone president and CEO Peter Xie said, adding that the new plant would also reduce manufacturing costs.
In December 2010, Solarfun Power Holdings decided to change its name to Hanwha Solarone to reflect its partnership with South Korean firm Hanwha Chemical Corp (SEO:009830), which owns a 49.99% stake in the company.
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