Clean Energy
Hanwha Q Cells, the combined solar company of Hanhwa Group, will provide solar modules worth 1 trillion won (US$926.18 million). It will be the largest scale in the global solar market for a single order.
On April 20, the company announced that it signed an agreement with U.S.-based energy company NextEra Energy on April 11 (local time) to supply a total of 1.5 gigawatts (GW) of solar modules to NextEra Energy Resources and its affiliates between 4Q 2015 and 4Q 2016. The 1.5 GW supply agreement is a record high for a single contract in the solar energy industry. Calculating per watt with its general module supply price of US$0.62, it reaches US$930 million, which makes it a huge contract in the solar energy industry.
These solar modules will be used in a solar power plant constructed in the U.S. by NextEra Energy. Once it starts operating, it will produce enough energy to provide power for 2.5 million people.
In particular, Hanwha Q Cells also included the terms to supply its solar modules first to solar power plants, which will be built by NextEra after 2017.
Nam Seong-woo, chief executive officer of Hanwha Q Cells, said, “This supply deal will enable Hanwha Q Cells to become the market leader among global manufacturers in the world’s largest solar market, the U.S. Also, it will be the start to break into the U.S. market.”
Previously, Group Chairman Kim Seung-youn showed strong management support for the solar energy business during his address on the anniversary of the founding in Oct. 2011, when the solar energy market was in recession, saying, “The new growth business like solar energy should be invested in the long-term view and created as the foundation that writes new chapters of the group.”
Following his firm will, Hanwha Group has invested 800 billion won (US$740.95 million) in recent years even during severe recessions in the market, intensively fostering solar power as its future core business.
The Hanwha Group successfully integrated Hanwha SolarOne of China and Hanwha Q Cells of Germany in February this year, forming a global leader in the solar power module market.