Hanwha SolarOne Says It Can Provide Over 600 MW Of Tariff-Free PV Modules To US In 2015

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

The proposed merger of Hanwha SolarOne Company and Hanwha Q CELLS Investment Company is continuing to move forward. Hanwha Solarone has finished filing a shareholder circular — dated to December 24, 2014 — with the Securities and Exchange Commission in relation to its previously announced public statement of a definitive share purchase agreement to acquire Q CELLS in an all-stock transaction.

Image Credit: Hanwha SolarOne

That filing features important information, such as: shareholder voting instructions, financial information for the combined entity, detailed financial and operating information about Hanwha QCELLS, and an outline of the strategic benefits of the deal.

Hanwha Solarone has made it clear that all holders of Hanwha SolarOne’s ADSs and ordinary shares should go over all of the information carefully, and take note of the potential risks — described in the section titled “Risk Factors.”

The filing also features some interesting information with regard to “Q CELLS’ strengthening operational and financial performance.” On that regard, the company saw revenue growth of 177% over the half-year that ended June 30, 2014, as compared to the previous year. As well as the revenue growth, the operating profit rose to $7.8 million for the half-year ending on June 30, 2014, as compared to a loss of $33.2 million for the prior year.


The filing also goes over the potential financial benefits of the merger. According to the company, they are as follows: combined revenue is expected to more than double (to $733 million); gross margin expansion is expected to climb to 14.5% (as opposed to 11.7% for Hanwha SolarOne alone); working/operating capital/cash-flow will be significantly improved; a reduced debt-to-equity ratio of 232% is expected (as opposed to 377% for Hanwha SolarOne alone); and a 129% increase in shareholders’ equity is expected, climbing to ~$674.3 million.

The chairman and chief executive officer of Hanwha SolarOne, Mr Seong Woo Nam, commented on the deal thusly: “We believe that this combination creates a formidable global leader with strong combined financial performance that is well-positioned for long-term growth. The combined company will have a significant presence in the world’s most important solar markets and we look forward to executing our strategy to drive long-term shareholder value.”

It’s hard to argue with him. If successful, the merger will result in what seems inevitable to be a dominant player in the global market. Potential issues are there, though — we’ll have to wait to see if these manifest.

As highlighted in the title, though, one of the biggest statements Hanwha SolarOne made is that it says it can bring 600 MW of tariff-free solar PV modules to the US in 2015, and well over 1 GW in 2016.

Image Credit: Hanwha Solarone

Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

CleanTechnica Holiday Wish Book

Holiday Wish Book Cover

Click to download.

Our Latest EVObsession Video

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it!! So, we've decided to completely nix paywalls here at CleanTechnica. But...
Like other media companies, we need reader support! If you support us, please chip in a bit monthly to help our team write, edit, and publish 15 cleantech stories a day!
Thank you!

CleanTechnica uses affiliate links. See our policy here.

James Ayre

James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.

James Ayre has 4830 posts and counting. See all posts by James Ayre

3 thoughts on “Hanwha SolarOne Says It Can Provide Over 600 MW Of Tariff-Free PV Modules To US In 2015

  • Hanwha is a Korean conglomerate, the eighth-ranking chaebol. It used to have two solar subsidiaries, one based in China, the other in Germany – though it makes its cells in Malaysia. Merging the two allows Hanwha to emphasize the unthreatening Korean rather than Chinese character of its products, and to get round US and European quotas and tariffs by clever sourcing within the group.

  • U.S. tariffs only exist because U.S. manufacturers find it cheaper to pay (bribe, pay off) U.S. Government officials for tariffs than it is to invest in their modern factories, modernize them, add robotics to them and compete from American soil. This is why America is failing on the economic battleground of the world as we speak. Asians are willing and able to put the cash into research and into factories where America cannot. Another part of a failing America:
    “”Unlike Harvard and Yale, China’s princelings or rich scions cannot get into University if they do not have the marks to go with their application. The competition is so much more brutal that anyone getting a slight edge would explode into a big scandal.””
    Asian Science and Technology are beginning now to outstrip the Western Worlds achievements. In Fact: China has a fast neutron reactor up and running, China has a pebble bed Gas moderated reactor up and running China is looking towards a safer LFTR styled reactor as we speak.
    Cheaper energy makes China’s products less expensive, better research makes their products better.

    • “U.S. manufacturers find it cheaper to pay (bribe, pay off)”

      That’s a very strong charge. Do not make those sorts of accusations here unless you can back them up with some proof.

Comments are closed.