Hanwha Chemical is to acquire a 49.99% holding in Chinese photovoltaic cell manufacturer Solarfun Power Holdings for $370 million. The acquisition means that Hanwha Chemical can expand into a growing market sector and will allow them to secure production capacity in the rapidly expanding Chinese market.
Solarfun Power Holdings Co., Ltd. is a significant manufacturer of photovoltaic (PV) cells and modules. It also provides PV cell processing services to convert silicon wafers into PV cells and supplies solar system integration services in China. The company focuses on producing both monocrystalline and multicrystalline silicon cells and modules. It manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products through third-party distributors and also directly to system integrators. The company's products have been certified to TUV and UL safety and quality standards. The company is the fourth largest solar module manufacturer in the world with 900 megawatts annual capacity.
Hanwha Chemical Corporation is a leading organic and inorganic chemicals producing company in Korea. The company, together with its subsidiaries, is principally engaged in the manufacturing of various chemical products for its customers. In addition, it is also involved in the exploration of environmental and electronic materials. The product portfolio of the company includes polyethylene, polyvinyl chloride (PVC), chlor-alkali, ethylene, benzene, xylene, CMP slurry, caustic soda, hydrochloric acid, ammonium chloride and barium titanate, and construction materials. Further, the company also offers services such as waste water treatment and research and development.
With growing demand for clean energy sources, the manufacturing and deployment of solar PV cells and photovoltaic arrays have expanded dramatically in the recent years, resulting in augmented market competition and abolishment of monopoly. The growth in the global PV industry has been triggered by favorable government policies and billions of dollars worth of investment made in European countries, followed by Japan and the US. As a result, Europe captured close to 80% of total annual installed PV capacity in 2009, with Germany and Spain leading from the front.
Solar cell manufacturing is gaining significant momentum on the back of surging demand of PV systems installations around the world. Apart from the developments in the developed countries, some fast growing Asian economies have also shown notable improvements in overall PV industry progress. For example, China produced around 2 GW of solar cells during 2008 and a further growth, at a CAGR of above 50%, is expected to be seen in the next few years.
Solarfun Power Holdings Co., Ltd. is a significant manufacturer of photovoltaic (PV) cells and modules. It also provides PV cell processing services to convert silicon wafers into PV cells and supplies solar system integration services in China. The company focuses on producing both monocrystalline and multicrystalline silicon cells and modules. It manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products through third-party distributors and also directly to system integrators. The company's products have been certified to TUV and UL safety and quality standards. The company is the fourth largest solar module manufacturer in the world with 900 megawatts annual capacity.
Hanwha Chemical Corporation is a leading organic and inorganic chemicals producing company in Korea. The company, together with its subsidiaries, is principally engaged in the manufacturing of various chemical products for its customers. In addition, it is also involved in the exploration of environmental and electronic materials. The product portfolio of the company includes polyethylene, polyvinyl chloride (PVC), chlor-alkali, ethylene, benzene, xylene, CMP slurry, caustic soda, hydrochloric acid, ammonium chloride and barium titanate, and construction materials. Further, the company also offers services such as waste water treatment and research and development.
With growing demand for clean energy sources, the manufacturing and deployment of solar PV cells and photovoltaic arrays have expanded dramatically in the recent years, resulting in augmented market competition and abolishment of monopoly. The growth in the global PV industry has been triggered by favorable government policies and billions of dollars worth of investment made in European countries, followed by Japan and the US. As a result, Europe captured close to 80% of total annual installed PV capacity in 2009, with Germany and Spain leading from the front.
Solar cell manufacturing is gaining significant momentum on the back of surging demand of PV systems installations around the world. Apart from the developments in the developed countries, some fast growing Asian economies have also shown notable improvements in overall PV industry progress. For example, China produced around 2 GW of solar cells during 2008 and a further growth, at a CAGR of above 50%, is expected to be seen in the next few years.
