Hanwha Solutions to up United States solar investment if Inflation Reduction Act passes-- reports

Aug 4, 2022 04:44 PM ET
  • Hanwha Solutions is supposedly thinking about increasing its financial investment right into United States solar production if the freshly agreed upon Inflation Reduction Act (IRA) is passed.
Hanwha Solutions to up United States solar investment if Inflation Reduction Act passes-- reports
Image: Hanwha Solution

According to regional news site Business Korea, Hanwha Solutions, parent firm of module manufacturer Hanwha Qcells, which currently has a substantial existence in the US, is intending to increase its financial investment right into United States production, building on its recently revealed plans to invest US$ 170 million in a 1.4 GW module production facility in the United States.

If passed, the IRA would be a huge advantage for the United States PV manufacturing sector by giving solar production tax obligation debts on modules, wafers, backsheets and also polysilicon, to name a few things.

It has actually been described as "the very best chance the US has had to develop a residential production market".

Hanwha Qcells has been investing in several different parts of its US solar supply chain lately. In July, it landed a contract with Canadian Premium Sand (CPS) for the commercial offtake of formed solar glass to sustain its US module manufacturing.

And also in March it got shares in Norwegian polysilicon manufacturer REC Silicon from Aker Horizons, ending up being the firm's largest investor with a 21.34% stake, in what Aker has actually claimed is a "major action in rebuilding the US solar supply chain".

The bargain between the business is anticipated to give REC Silicon with adequate capital to restart its procedures at the 20,000 MT Moses Lake polysilicon facility in Washington throughout 2023.

The site utilizes fluidised bed reactor (FBR) modern technology to create granular polysilicon, which REC Silicon stated uses 90% much less power than the typical Siemens process.

Hanwha Solutions, via its subsidiary Hanwha Qcells, already operates a 1.7 GW module factory in the US, which, when coupled with the above 1.4 GW facility, would take its US-made module result to 3.1 GW.

Somewhere else, Hanwha stated it will spend US$ 3.3 billion in solar and also wind technology and also intends to produce a solar R&D hub in Korea as part of an enormous investment method focused on numerous industrial areas.

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