S.Korea’s Hanwha Q Cells to invest $2.5 bln total in U.S. solar manufacturing

SEOUL (Reuters) – South Korea’s Hanwha Solutions (009830.KS) said on Wednesday it will invest a total of $2.5 billion for Hanwha Q CELLS to build a solar power value chain in the U.S. state of Georgia by June 2025. announced an investment. .

The company’s board on Wednesday approved a $2.31 investment to build a solar ingot, wafer, cell and module factory, the company said in a regulatory filing.

This is in addition to about $200 billion in U.S. investment approved late last year, said a Hanwha Solutions spokesperson.

The investment is expected to boost the company’s production capacity for solar modules in the US from 1.7 gigawatts in 2022 to 8.4 gigawatts in 2024, Hanwha Solutions said at a press conference.

Hanwha Solutions hopes this major investment will effectively respond to the Inflation Reduction Act (IRA), which includes tax credits and other government support for renewable energy industries to combat climate change. said.

Reported by Joyce Lee and Heekyong Yang. Edited by Muralikumar Anantharaman and Tom Hogue

Our standards: Thomson Reuters Trust Principles.

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