The credit line will be used for working capital and other general corporate purposes.
SEOUL, South Korea, March 16, 2015 -- Hanwha Q CELLS Co. Ltd. (the "Company", or "Hanwha""), one of the world's largest photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced that its US entity has signed a $20 million three-year Senior Secured Revolving Credit Facility with Wells Fargo Capital Finance. The credit line will be used for working capital and other general corporate purposes.
Jay SEO, chief financial officer 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."
Ms. Kimberly Jablonski, senior vice president 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."
About Hanwha Q CELLS
In February 2015 Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL) emerged as a new global solar power leader from combining two of the world's most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS. The combined company is listed on NASDAQ under the trading symbol of HQCL. It is headquartered in Seoul, South Korea, (Global Executive Headquarters) and Thalheim, Germany (Technology & Innovation Headquarters) and is the world's largest solar cell manufacturer as well as one of the largest photovoltaic module manufacturers. Due to its diverse international footprint including facilities in China, Malaysia, and South Korea, Hanwha Q CELLS is in a unique position to flexibly address all global markets, even ones with import tariffs, such as the United States and the European Union. Based on its well respected "Engineered in Germany" technology, innovation and quality, Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from modules to kits to systems to large scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, the company provides excellent services and long-term partnership to its customers in the utility, commercial, government and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top-Ten business enterprise in South Korea. For more information, visit: www.q-cells.com / http://investors.hanwha-solarone.com