Dec. 2 (Bloomberg) — Hanwha SolarOne Co., a solar-panel maker that’s a unit of South Korean conglomerate Hanwha Group, arranged to borrow as much as 3.5 billion yuan ($574 million) from Bank of Beijing Co.

Drawdowns on the three-year credit facility are subject to approval from the bank, Shanghai-based Hanwha SolarOne said today in a statement.

The funding will be used by the company to build solar farms in China. The company currently has 250 megawatts of projects in development, according to the statement.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net