Hanwha confirms plans to produce solar modules

Its optimistic domestic demand for solar modules will increase.

Hanwha SolarEnergy Corporation noted that Korea’s adoption of a Renewable Portfolio Standard, a regulation that requires the increased production of energy from renewable energy sources, will likely boost interest in solar energy.

Hanwha is consulting with Korean module manufacturers over the OEM production of solar modules. Once Hanwha SolarEnergy provides peripheral materials including solar cells, selected contractors will assemble parts into solar modules.

Hanwha Chemical has a 39% stake in Hanwha SolarEnergy, which was founded in 2011. The establishment of Hanwha SolarEnergy is expected to accelerate Hanwha Group’s globalization of its solar business by producing over 1GW by 2015 and having an annual production of more than 100MW.

Hanwha SolarEnergy’s plans include joint operations with local partners, particularly in North America and Europe. Many strategic options are being considered currently, including joint venture and M&As with promising companies.