Under the memorandum of understanding (MoU), the companies are likely to cooperate in the development, construction, financing and grid-connection of PV projects.
The companies intend to sign a final definitive strategic cooperation agreement within 90 days following signing of the MoU.
As per the MoU, Hanwha SolarOne is likely to cater PV modules for ZTT’s 150MW distributed energy project in Nantong, Jiangsu Province, China.
Hanwha SolarOne CFO Jay SEO said the memorandum with ZTT is a key step in stimulating its downstream activities in China.
"The contemplated cooperation on ZTT’s 150 MW distributed generation project in Nantong, as part of the Government’s initial National Level Demonstration Plot, will be a strong start to the relationship between our two companies, and we are confident that further synergies will result in additional business opportunities for both companies.
"We aim to build up our track record and project profile in EPC to include IPP development and ownership. We will actively participate in China’s aggressive program to develop renewable energy," added SEO.
