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Hanhwa Group is said to be investing KRW3.2 trillion, or around $2.6 billion, to expand its solar energy business in the United States. The funds are set to be used for the construction of solar plants that will increase its production.
The company will also set up additional facilities to complete its solar energy production line in the country by next year. The plant is said to be capable of producing 8.4-gigawatt by the year 2024, and this capacity is said to be enough to supply energy for 1.3 million households.
As per The Korea Herald, the Hanwha Solution subsidiary of the Hanhwa Group revealed its latest investment plans on Wednesday, Jan. 11. It said that with the upcoming solar hub, it would be able to make four of the five core parts, which include the wafer, cell, module, and ingot. These are the main components currently being used in the solar energy industry.
The South Korean firm further shared that the solar hubs are set to rise in two different locations in Georgia. It will construct a manufacturing campus in Cartersville while it will increase the production capacity of its facility, which is already operating in Dalton.
Hanwha Solutions revealed that the KRW3.2 trillion funding is making history in the U.S. as the largest single investment in the entire solar energy business in the country. For its Dalton plant, the plan is to boost its 1.7 gigawatt production to 5.1 GW by the end of 2023. This facility has been producing solar modules since 2019.
The new plant in Cartersville is being designed to produce a total of 3.3 GW, and it will be completed in the last part of 2024. Once Hanhwa Solutions achieve the total 8.4 GW capacity from the two locations, it will be able to provide solar energy power to around 1.3 million US households per year.
“Setting up the solar hub is to make the best of the US Government’s energy transition policy to maximize our competitiveness,” Hanhwa Q Cells’ chief executive officer, Lee Koo Yung, during a previous press conference. “The solar hub will be a core production site for the US solar panel industry, which is expected to grow by 20 percent each year.”
