Hanwha SolarOne has signed an investment memorandum of understanding (MOU) with Nantong Economic and Technological Development Zone (Nantong), located in Jiangsu Province, for the construction of a new production facility.
As per the MOU, SolarOne plans to construct cell and module production facilities with 2GW annual capacity in Nantong.
Under the first phase of the project, SolarOne plans to invest approximately $500m in three years to build cell and module production facilities with 1GW annual capacity in Nantong.
SolarOne president and CEO Dr Peter Xie said that the company is preparing to meet increased demand for its products as it expects the global shift towards green energy, especially solar energy, to increase sharply in the coming years.
SolarOne is a a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China.