SHANGHAI, CHINA: Hanwha SolarOne Co. Ltd, a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic cells and modules in China, has obtained a three-year loan for working capital in an amount of RMB 525 million, from a syndicate led by Bank of Shanghai. The other members of the syndicate were Shanghai Commercial Bank of Hong Kong and The Shanghai Commercial & Savings Bank of Taiwan. The agreement provides for loans in both USD and RMB..
Gareth Kung, CFO of Hanwha SolarOne, commented: "We are pleased to expand our collaboration with Bank of Shanghai and view this new loan facility as a critical component of our financial plan. It provides us with the working capital resources to fund our continued business expansion as well as our investments in technology and branding initiatives