Daily News: March 16, 2015

Wells Provides Hanwha Facility

Hanwha Q CELLS’ U.S. entity signed a $20 million three-year senior revolver with Wells Fargo Capital Finance. The credit line will be used for working capital and other general corporate purposes.

Jay SEO, CFO of Hanwha Q CELLS, said, “We are pleased to have secured this credit line from Wells Fargo, one of the most well-respected US financial institutions and active financiers of renewable energy. Its confidence demonstrates the combined strength of our newly-merged companies (Hanwha SolarOne and Hanwha Q CELLS) to meet rigid credit standards, as well as access funding outside of our traditional sources in China and South Korea. Mr. SEO concluded, The US is a key strategic market for our company and we are particularly well-positioned to capture share with our diverse ‘tariff free’ manufacturing base outside of mainland China.”

Kimberly Jablonski, SVP at Wells Fargo Capital Finance, noted, “It is a pleasure to work with one of the world’s largest solar energy companies, which is rapidly expanding in the US solar market. We look forward to a long-lasting relationship with Hanwha in helping it bring solar energy throughout America.”

Seoul, South Korea- and Thalheim, Germany-headquartered Hanwha Q CELLS emerged as a global solar power provider from combining two of the world’s most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS.