SHANGHAI, Jan. 18, 2011 /PRNewswire/ -- Hanwha SolarOne
Co., Ltd. (f/k/a Solarfun Power Holdings Co., Ltd., or "SolarOne"
or the "Company") (Nasdaq: SOLF), a vertically integrated
manufacturer of silicon ingots, wafers and photovoltaic ("PV")
cells and modules in China, today
announced that it has signed an investment memorandum of
understanding ("MOU") with Nantong Economic and Technological
Development Zone ("Nantong"), located in Jiangsu Province, to construct a new
production facility there.
According to the MOU, SolarOne plans to build cell and module
production facilities with 2 GW annual capacity in Nantong.
Under the first phase of the project, SolarOne plans to
invest approximately US$500 million
in three years to build cell and module production facilities with
1 GW annual capacity in Nantong.
"We are very excited about our investment into a new, advanced
production facility in Nantong," said Dr. Peter Xie, President and Chief Executive Officer
of SolarOne. "The Nantong Economic and Technological
Development Zone is home to some of the country's best employee
talent in precision electronic manufacturing. Its location is
just north of our Shanghai
headquarters, and in close proximity to our manufacturing base in
Qidong as well as one of the ten largest sea ports in China, allowing us to share management
oversight and manufacturing resources. The new facility, once
completed, will also provide much needed expansion of our
production capacity."
Dr. Xie continued, "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. Maintaining our commitment to bringing the best value
to our customers, the new facility is expected to lower production
costs and provide an additional edge over our competitors."
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd., f/k/a Solarfun Power Holdings Co. ,
Ltd. (NASDAQ: SOLF) is a vertically integrated manufacturer of
silicon ingots, wafers, PV cells and modules. Hanwha SolarOne
offers high-quality, reliable products and services at competitive
prices. Partnering with third party distributors, OEM
manufacturers, and system integrators, Hanwha SolarOne serves the
utility, commercial/government, and residential markets. The
company maintains a strong worldwide presence with employees
located throughout Europe,
North America, and Asia and embraces environmental responsibility
and sustainability with an active role in the voluntary
photovoltaic recycling program. The Company benefits from its
strategic partnership with its largest shareholder Hanwha Group who
is active in solar project development and financing and plans to
produce polysilicon in the future. For more information visit:
www.solarfun-power.com.
SOLF-G
For further information, please
contact:
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Investor Contact:
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Paul Combs
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V.P. Strategic
Planning
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Building 1, 18th
Floor
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1199 Minsheng Road, Shanghai,
PRC 200135
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P. R. China
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Tel: 86-21-3852 1533 /
Mobile: 86 138 1612 2768
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E-mail: paul.combs@solarfun-power.com
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Christensen
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Kathy Li
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Tel: +1 480 614
3036
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E-mail:
kli@ChristensenIR.com
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Tip Fleming
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Tel: + 852 9212
0684
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E-mail:
tfleming@ChristensenIR.com
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SOURCE Hanwha SolarOne Co., Ltd.