Hanwha SolarOne (SOLF) Expands Relationship With SunEdison With 54MW Supply Deal

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12:00:19 pm on January 31, 2011

Hanwha SolarOne (formerly Solarfun) (SOLF) has signed a 54MW solar supply deal with MEMC Electronics (MEMC) to supply its SunEdison subsidiary for this year for use in utility scale power plants.   An optional additional 30MW is available as well.

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Dr. Peter Xie, President of Hanwha SolarOne, commented, "We are pleased that MEMC has again selected us as a supplier of PV modules for SunEdison projects. We first started delivering modules to SunEdison in 2010, and this new order marks a significant expansion in our relationship.  SunEdison is a leading player in the global market and we are especially excited to be in close collaboration with such an established name on a high volume basis."

Shares aren’t moving up much on the news, up about 1%.  Technically, the stock appears close to putting in a bottom to this latest correction and may offer a compelling entry point down here.

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