South Korea's Hanwha Solutions Corp said its unit Hanwha Q Cells will invest a total of USD2.5 billion to build a solar power manufacturing value chain in the U.S. state of Georgia through June 2025, said Reuters.
The company's board approved on Wednesday a USD2.31 investment to build a solar power ingot, wafer, cell and module factory, the company said in a regulatory filing.
This is in addition to a roughly USD200 billion U.S. investment approved late last year, a Hanwha Solutions spokesperson said.
With the investment, the company is expected to increase its solar module production capacity in the United States from 1.7 gigawatts as of 2022 to 8.4 gigawatts as of 2024, Hanwha Solutions said in a press conference.
Hanwha Solutions said it expects the large-scale investment to effectively respond to the Inflation Reduction Act (IRA), which includes tax credits and other government support for the renewable energy industry in response to climate change.
We remind, Hanwha Solutions Corp., Hanwha Group’s energy services arm, is entering into a sizeable co-investment to strengthen its solar power business. The company’s chemical division and Korea’s GS Energy Corp. have agreed to launch a joint venture to produce ethylene vinyl acetate (EVA) at Yeosu Industrial Complex, South Jeolla Province, Hanwha Solutions said on Wednesday. Solar EVA sheets are a core part of solar power panels for enhancing durability and performance. Hanwha Solutions’ chemical division produces EVA for the sheets that the company’s advanced materials unit makes.
mrchub.com