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Hanhwa Group said Thursday that it will continue expanding its overseas solar power business by making inroads into emerging markets, including countries like Chile and Turkey, while further tapping into new business opportunities in strategic markets such as Japan and the U.K.
The strategic direction of the group’s new growth engine was released on the first day of the 2014 Intersolar Europe, the world’s largest exhibition for the solar industry. The event was launched in Munich on June 4 for a three-day run.
“The group’s two solar business affiliates ― Hanhwa Q Cells and Hanwha SolarOne ― are joining the exhibition to present their prowess in technology and success in business cases to participating global industry players,’’ the group said in a press release.
Germany-based Hanhwa Q Cells, one of the few global companies with a vertically integrated solar business portfolio, attracted much attention from visitors during the first day of the event when it announced its involvement in “Sunny Solar Fukushima,” one of the biggest solar power plant projects being promoted in Japan.
The Sunny Solar Fukushima project will involve building a 26.2 megawatt solar power plant on the site of a golf course abandoned in Fukushima following the 2011 earthquake and tsunami.
The Japanese unit of Hanhwa Q Cells is participating in the project as the sole global supplier for solar modules. When completed, the new solar plant will power up to 8,000 homes in the Fukushima area.
Meanwhile, Hanwha SolarOne ― a global photovoltaics maker and solar energy solution provider under Hanwha ― presented on its rooftop solar power plant construction experiences in Europe and China. Most recently, the company completed construction of a 31 megawatt solar power plant project located on multiple rooftop sites in Guangdong Province, China.
On the back of rising global demand for solar power, both Hanhwa Q Cells and Hanwha SolarOne expect to see a rise in sales by around 30 percent this year over a year ago,’’ a group official said.
Hanwha has been transforming into a global solar power giant by striking takeover deals over the past few years. The conglomerate acquired Q Cells, the largest solar power solution provider in Europe, in 2012. Last year, it took over Nasdaq-listed SolarFun Power Holdings in 2013, which was later renamed Hanwha SolarOne.
By Seo Jee-yeon (jyseo@heraldcorp.com)
The strategic direction of the group’s new growth engine was released on the first day of the 2014 Intersolar Europe, the world’s largest exhibition for the solar industry. The event was launched in Munich on June 4 for a three-day run.
“The group’s two solar business affiliates ― Hanhwa Q Cells and Hanwha SolarOne ― are joining the exhibition to present their prowess in technology and success in business cases to participating global industry players,’’ the group said in a press release.
Germany-based Hanhwa Q Cells, one of the few global companies with a vertically integrated solar business portfolio, attracted much attention from visitors during the first day of the event when it announced its involvement in “Sunny Solar Fukushima,” one of the biggest solar power plant projects being promoted in Japan.
The Sunny Solar Fukushima project will involve building a 26.2 megawatt solar power plant on the site of a golf course abandoned in Fukushima following the 2011 earthquake and tsunami.
The Japanese unit of Hanhwa Q Cells is participating in the project as the sole global supplier for solar modules. When completed, the new solar plant will power up to 8,000 homes in the Fukushima area.
Meanwhile, Hanwha SolarOne ― a global photovoltaics maker and solar energy solution provider under Hanwha ― presented on its rooftop solar power plant construction experiences in Europe and China. Most recently, the company completed construction of a 31 megawatt solar power plant project located on multiple rooftop sites in Guangdong Province, China.
On the back of rising global demand for solar power, both Hanhwa Q Cells and Hanwha SolarOne expect to see a rise in sales by around 30 percent this year over a year ago,’’ a group official said.
Hanwha has been transforming into a global solar power giant by striking takeover deals over the past few years. The conglomerate acquired Q Cells, the largest solar power solution provider in Europe, in 2012. Last year, it took over Nasdaq-listed SolarFun Power Holdings in 2013, which was later renamed Hanwha SolarOne.
By Seo Jee-yeon (jyseo@heraldcorp.com)
