Hanwha signs deal for solar panels supply to US

Hanhwa Solutions just closed a deal to supply solar panels to the United States. This is said to be the largest supply contract for this kind of project, as the agreement is for the delivery of 2.5 million solar modules to the US community solar programs.

The South Korean company will sell the modules, and the US vice president, Kamala Harris, reportedly praised Hanhwa’s solar panel plant in Georgia because it is one of the best examples for creating jobs for the locals as well as investment expansion.

According to The Korea Economic Daily, Hanhwa Solutions’ solar energy unit, Hanwha Q Cells Co., signed an agreement to deliver 1.2 gigawatts of solar panels to Summit Ridge Energy (SRE) which is considered the largest commercial solar firm in the U.S.

As of the last quarter of 2022, it was mentioned that the capacity of the community solar program that was installed in Washington, D.C., and 41 other states was 5.6 gigawatts in total. Thus, the new deal will increase the electric power supply even more.

Then again, Hanhwa Q Cells and Summit Ridge Energy have yet to disclose the value of their solar panel supply deal. While the amount is not available at this time, some experts in the industry estimated that it could be hundreds of millions of dollars.

US’ SRE will utilize the solar panels for the development of over 350 solar projects in the next four years in several states, including Ohio, New York, California, and other regions, with the first 200 megawatts (MW) which will be installed before the end of this year.

After the installation, the project is expected to generate enough clean electricity that can provide electricity to about 140,000 homes and businesses. It was added that the contract also includes 20 MWh of energy storage.

“We will set up a solar panel value chain production line, from raw material polysilicon to finished product modules, in the US based on the solar hub project,” Kim Dong Kwan, Hanwha Group’s vice chairman, previously said. “We will also create more than 2,500 high-quality jobs by next year and stably supply solar panel modules that provide clean energy to millions of households every year.”

Korea Joongang Daily further quoted Kim as saying, “Based on the solar project, Hanwha will have its solar manufacturing value chain in the United States, from making polysilicon, the raw material, and to the final products.”

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