Hanwha Group to invest US$ 3.3 bn in clean power over next 5 years, wanting to develop solar R&D hub in South Korea

May 25, 2022 08:25 AM ET
  • South Korean conglomerate Hanwha Group has said it will invest US$ 3.3 billion in solar and also wind modern technology and means to create a solar R&D hub in Korea as part of a massive investment technique focused on numerous enterprise zones.
Hanwha Group to invest US$ 3.3 bn in clean power over next 5 years, wanting to develop solar R&D hub in South Korea
Image: Qcells

Parent business of module supplier Qcells, Hanwha Group will spend an overall of KRW37.6 trillion (US$ 29.7 billion) over the following five years, consisting of KRW20 trillion (US$ 15.8 billion) in domestic sectors such as energy, carbon neutrality, defence and aerospace.

Hanwha said that in unclear times, "the competitive advantage of existing organizations is additional strengthened" and that it was "required to purchase future modern technology" to lead the marketplace.

The Seoul-headquartered firm prepares to invest around US$ 3.3 billion in clean energy manufacturing in South Korea, aiming to develop a solar R&D hub in the country as well as develop "up-to-date production facilities to grow Korea right into a 'global core base' that can produce high-efficiency solar items".

It also intends to "broaden business area for energy advancement that combines solar and also wind power".

"Through these investments, we are identified to more solidify our condition as an eco-friendly energy supply base in the global environment where the requirement for 'energy security' is growing," Hanwha claimed in a statement.

Undoubtedly, lately rebranded Hanwha subsidiary Qcells is preparing itself for an affordable future market environment, purchasing increased manufacturing capacities and also brand-new solar cell structures, its chief executive officer Justin Lee told reporters at this month's Intersolar occasion in Munich.

Hanwha previously this month validated a US$ 320 million financial investment into broadening its solar cell and module production facilities in Korea and also the US respectively, with an additional 900MW of cell capacity and 1.4 GW of module capacity readied to come onstream from H1 2023. When online, Qcells will be in charge of around one-third of the US' overall solar module manufacturing capacity.

The huge scale of this total investment is absolutely nothing brand-new, nevertheless, with the group spending near the exact same quantity (KRW22.6 trillion) in its operations-- both house and abroad-- over the previous 5 years.

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