Hanwha Group has bought a 49.9% stake in Solarfun Power Holdings of China for W430 billion ($367m).

Solarfun produces 500MW of photovoltaic cells and 900MW of modules per year and earned US$553m in sales in 2009, according to Chosun Ilbo.

With the acquisition, Hanwha plans to expand into the photovoltaic cell industry.