Hanwha SolarOne raises $100m for expansion

September 27, 2011

China-based solar module manufacturer Hanwha SolarOne has obtained a five-year loan of USD100 million, led by Standard Chartered Bank and Korea Development Bank.

Jay Seo, chief financial officer of Hanwha SolarOne, said "The new loan facility provides us with the capital resources to fund our continued business expansion, and we view it as a critical component of our financial plan."

Earlier this year the company predicted on-going falling prices for solar panels, hand-in-hand with a temporary fall in European demand.

In the first quarter of this year, Hanwha said sales to Germany had fallen by 25 percent. Even so the company retains aggressive growth plans saying it aims to become one of the top-five global PV manufacturers and this investment is tagged for this push.