The financing will be used in working capital purposes for a period of three years, the company said.

Commenting on the transaction, Hanwha SolarOne chief financial officer Jay SEO said that the new financing will be used to improve the company’s ability to support current working capital needs, and allow some flexibility in developing the company’s business strategies for the future.

"We continue to be fortunate to access relatively low-cost funding from offshore sources," added SEO.

Hanwha SolarOne in Qidong, formerly known as Jiangsu Linyang Solarfun, manufactures and markets photovoltaic (PV) cells and PV modules.