Hanwha SolarOne signs second 50 MW module supply agreement with Baotou Shansheng New Energy

SHANGHAI, CHINA: Hanwha SolarOne Co. Ltd has signed its second supply agreement with Baotou Shansheng New Energy Co. Ltd for delivery of 50 MW of Hanwha SolarOne's PV modules.

Deliveries will begin in October and are scheduled for completion by the end of November. The modules will be used in ground-mounted projects in Hohhot and Baotou, Inner Mongolia. The Company had previously announced a similar 50 MW module supply agreement with Baotou New Energy on August 9, 2014.

Jay SEO, CFO of Hanwha SolarOne and head of Hanwha SolarOne's China business, commented: "We are pleased to strengthen our relationship with Baotou New Energy in developing renewable energy sources in northern China. We have now signed 100 MW in module supply agreements with deliveries taking place between August and November this year, alone representing approximately a four-fold increase in volumes shipped to China during the first half of 2014.

"We anticipate further momentum in our China business as the Chinese government has formalized its 13 GW target for solar installations in 2014 and outlined last week some critical steps to support distributed generation. These measures should have a meaningful impact on market demand in China beginning no later than the fourth quarter and have a lasting effect on demand for years to come."