Hanwha SolarOne Signs Strategic Partnership MOU with Shanghai HuiTianRan Investment Holding Group
Hanwha SolarOne (Nasdaq: HSOL) today announced it has signed a memorandum of understanding with Shanghai HuiTianRan Investment Holding Group Co., Ltd stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business, leveraging HTR's existing JV project company with a large state-owned electric power company ("SOE"). The two companies also aim to jointly establish a JV company to develop and construct PV power plant projects ("EPC JV"). HTR intends to use PV modules manufactured by Hanwha SolarOne in its 700 MW power plant projects or select HSOL to be the EPC service supplier for said projects. HTR will also identify both commercial and residential rooftop resources. The two companies intend to enter into a definitive strategic cooperation agreement within 60 days following signing of this MOU.