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Hanwha SolarOne Announces Approximately $574M Credit Agreement with Bank of Beijing

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Hanwha SolarOne today announced it has finalized a framework agreement with the Bank of Beijing for access to up to RMB3.5 billion (approximately US$574 million) of credit over the next three years. Specific drawdowns are subject to the approval procedures of the Bank of Beijing, including reviews of the specific applicable project information.   

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "We are pleased to have continued our banking relationship with the Bank of Beijing. This is an important component to support our emphasis on a strengthening downstream business in China. We currently have 250 MW in our pipeline. We expect to build up our EPC competency and project track record and develop an IPP business, including through strategic partnerships in China now under active discussion."

About Hanwha SolarOne                                      

Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial,

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