Chinese Hanlong to invest USD 100m in solar centre in Singapore

(ADPnews) - Sep 17, 2010 - Chinese conglomerate Sichuan Hanlong Group Co Ltd said it would spend USD 100 million (EUR 76.6m) in five years to set up a research and development unit and system assembly solar panels facility in Singapore.

The move is in line with Hanlong's plan to further focus on its solar operations and its renewables segment.

The company, active in the solar, wastewater treatment, mining resources, pharmaceuticals and tourism businesses, will also transfer the management of its solar operations outside China to the new centre, including concentrated photovoltaic (CPV) solar systems sales and solar projects in Australia, the Middle East and southeastern Asia.

Construction of the R&D and system assembly units is to be completed by 2012. System assembly activities are to be outsourced to Singaporean electronics firms.

Revenue from the headquarters in Singapore is seen to grow to SGD 600 million (USD 449.3m/EUR 342.1m) by 2015, while accumulated revenue is expected to be around SGD 1.75 billion.

At present, Hanlong has patents for over 30 CPV and solar power-related products and technologies in China. A new Hanlong CNY-7.6-billion (USD 1.13bn/EUR 865.5m) CVP plant is to start operation in 2011 with an installed capacity of up to two million kW.

(CNY 1.0 = USD 0.148/EUR 0.113, SGD 1.0 = USD 0.748/EUR 0.573)

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