Hanwha SolarOne establishes partnership with Jiangsu Zhongtian Technology

Hanwha SolarOne, a China-based company, has signed a memorandum of understanding (MoU) with Jiangsu Zhongtian Technology (ZTT) to build a long-term strategic partnership to cooperate in the PV downstream business.

Both the companies aim to cooperate in the development, construction, financing and grid-connection of PV projects, through the partnership.

As part of the deal, ZTT intends to use PV modules produced by Hanwha SolarOne in its permitted 150 MW distributed energy project in Nantong, Jiangsu Province, China.

Hanwha SolarOne chief financial officer and downstream business head Jay Seo said the MoU with ZTT is a significant step in accelerating company’s downstream activities in China.

"The contemplated cooperation on ZTT’s 150 MW distributed generation project in Nantong, as part of the Government’s initial National Level Demonstration Plot, will be a strong start to the relationship between our two companies, and we are confident that further synergies will result in additional business opportunities for both companies," Seo added.

"We aim to build up our track record and project profile in EPC to include IPP development and ownership.

"We will actively participate in China’s aggressive program to develop renewable energy."

Hanwha SolarOne, which is a flagship company of Hanwha Group, has a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East.

The new energy profile of ZTT includes distributed power station and micro grid development, PV back sheet, large capacity cylindrical lithium-ion batteries and energy storage, and low-energy prefabricated residences.