The company plans to spend $170m to construct a 1.4GW solar module production facility in the US
Hanwha Solutions has announced plans to invest $320m to expand its solar manufacturing capacity in the US and Korea.
As part of the new investment, Hanwha will spend $170m to construct a 1.4GW solar module production facility in the US.
The Korean company owns clean energy solutions provider Qcells that already operates a 1.7GW module factory in Dalton, Georgia.
The new solar module factory is expected to commence operations in the first half of 2023, expanding Qcells’ total production capacity in the US to more than 3GW.
Hanwha Qcells CEO Justin Lee said: “”Growing uncertainties tell us that securing reliable, sustainable energy has become more important than ever before.
“To do this, Qcells will increase renewable supply from diversified sources and find cleaner ways to produce energy. That way, we will contribute to both energy security and net-zero emissions.”
In South Korea, the company plans to expand cell production capacity by investing $150m in the expansion of its cell factory. The investment marks its first in Korean solar cell manufacturing in five years.
Upon completion of the expansion, Hanwha will increase its overall cell capacity in Korea to 5.4GW.
Hanwha intends to secure low-carbon polysilicon from manufacturers around the world in order to further decarbonise its solar panel production process.
The company has partnered with Korean polysilicon manufacturer OCI in April for the supply of polysilicon made in factories using carbon-free hydroelectricity.
Hanwha employs nearly 750 staff at its module production facility in the US. It plans to expand investments in the country, including wafers and cells.
Lee said: “Ensuring policy certainty is crucial to realizing our goal of rebuilding the US solar value chain.
“With our relentless efforts to provide reliable, sustainable energy, we will do our utmost to solidify Qcells as the dependable choice for the U.S. solar market.”
In August last year, Hanwha announced the acquisition of the RES Mediterranee, the French renewables business of UK-based RES Group, in a deal worth €727m.