Hanwha Group, the nation’s 10th largest conglomerate, unveiled its facility investment plan to turn the nation’s central region of Chungcheong into a solar business hub.
“Hanwha Q Cells Korea will build a 1.5 gigawatt solar cell plant in Jincheon, North Chungcheong Province, by the end of this year,” the group said in a press release.
The company, where Hanwha Corp. and Hanwha Chemical hold 41 percent and 30 percent stake each, will invest 350 billion won ($260 million) for the project to build the nation’s largest solar cell plant.
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| The artistic rendering of the nation’s largest solar cell plant to be built in Jincheon, North Chungcheong Province. (Hanwha Group) |
In addition, Hanwha Q Cells, the solar module-making arm of Hanwha Chemical, will expand the production facility of its plant in Eumseong in the same province to double the current 250 megawatt module-producing capacity.
Hanwha Q Cells, the group’s newly formed solar business arm following a strategic merger of Germany-based Q Cells and Hanwha SolarOne, will invest 10 billion won for the project, the group said.
The serial investment plans were revealed after Hanwha opened the Creative Economy Innovation Center in South Chungcheong Province, with the vision to build a solar cluster in the Chungcheong region.
“The investments will support Hanwha to strengthen its status as the world’s largest solar module maker, while boosting the regional economy by providing more than 900 jobs,’’ the group said.
The group expects the facility in its solar business will meet growing demand from NextEra Energy, a U.S. power company.
Under the deal closed in April, Hanwah Q Cells will supply 1.5 gigawatt modules to NextEra Energy from the fourth quarter of this year until the end of 2016.
The merged company posted a positive growth in the first quarter, recording a 54 percent increase to $333.5 million in revenue.
By Seo Jee-yeon (jyseo@heraldcorp.com)
