Hanwha Q CELLS GmbH Increases Capital by US $188.5 Million

Effective as of Nov. 27, 2013, Hanwha Q CELLS GmbH has increased its capital by US $188,505,000 (€138.5 million). The capital was contributed in cash by Hanwha Chemical, the mother company of Hanwha Q CELLS. Thus thephotovoltaics specialist consolidates its position as financially stable and reliable partner for PV customers and project partners around the globe.

“The capital increase will further strengthen our balance sheet as well as the bankability of our high quality and low LCOE photovoltaic solutions”, said Charles Kim, CEO of Hanwha Q CELLS. “Thus we solidify Hanwha Q CELLS´ position as THE reliable partner in PV industry and underline our overall commitment to become a leader in solar.”

“Our commitment to solar extends beyond building a successful business,” Ki-Joon Hong, vice chairman and chief executive of Hanwha Chemical, representing Hanwha Group, said. “We are dedicated to turning solar into the centerpiece of the group´s future growth.”

Hanwha Q CELLS will make use of its strengthened balance sheet and further expand the company´s production capacity as well as its international business in 2014, especially in the global power plant solution segments.

“On the basis of our high quality solar cells, modules and PV applications ‘Engineered in Germany,’ we will further strengthen our position as the competent partner for PV power plant solutions in 2014 – including project development, EPC, financing and other services,” said Kim.

Combining the company’s experience of around 600 MW of installed solar power plant capacity with Hanwha’s expertise in project development and financing will make for a broad and attractive portfolio of tailor-made power plant solutions and services for investors, developers and PV customers both in the large-scale business as well as in the commercial segment.

The company will also add new capacity to its international production setup in 2014. “We will integrate one additional production line at our manufacturing site for solar cells in Malaysia,” said Kim. “Accordingly we will raise capacities for module production together with our certified partners in Europe and Asia.”