Hanwha Chemical Acquires Stake In Solarfun

Solarfun Power Holdings Co. Ltd. and Hanwha Chemical Corp. – a global chemical company headquartered in Korea – have entered into a strategic relationship under which Hanwha Chemical will purchase 36,455,089 ordinary shares from Solarfun at a price of RMB14.51 (US$2.144) per ordinary share.

The total proceeds will be approximately US$78 million. Solarfun says it intends to use the proceeds from the investment to fund its expansion plans and for general corporate purposes.Â

Hanwha Chemical has also entered into separate agreements to acquire from Good Energies II LP and Yonghua Solar Power Investment Holding Ltd. – a company owned by Solarfun Chairman Yonghua Lu – a total of 120,407,700 Solarfun ordinary shares and 1,281,011 Solarfun American Depositary Shares (ADS), representing all of the ordinary shares and ADSs held by them.

Hanwha Chemical will own 49.99% of Solarfun's outstanding shares and hold a 49.99% voting interest in Solarfun. The senior management team of Solarfun will remain with the company upon completion of the transactions.

SOURCE: Solarfun Power Holdings Co. Ltd.

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