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Thu, February 2, 2023 | 20:58
Companies
Hanwha heir aims to build solar energy ecosystem
Posted : 2022-01-26 13:42
Updated : 2022-01-26 23:14
Kim Hyun-bin
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By Kim Hyun-bin

Hanwha Group has been working to create a comprehensive solar energy ecosystem to transform the conglomerate into a renewable energy powerhouse in the increasingly environment-conscious business world, according to company officials Monday. This transformation has been spearheaded by Hanwha Solutions President Kim Dong-kwan, the eldest son of Hanwha Chairman Kim Seung-youn.

Hanwha Solutions has been working to liquidate non-core businesses to obtain funds for future growth. The company plans to sell stakes in its advanced materials business in order to raise funds to expand its solar business.

Market analysts said the sale of Hanwha's stakes in the advanced materials business is likely to become a positive factor.

"Market participants are concerned about the physical split of Hanwha Solutions' advanced materials division, but this division is currently not generating large profits," Kang Dong-jin, a researcher at Hyundai Motor Securities, said. "Concentrating on the solar power business, which is a medium to long-term growth engine, by securing cash through selling businesses is rather positive for shareholder value."

In 2019, Hanwha Solutions became an integrated corporation of Hanwha Chemical, Hanwha Q CELLS and Hanwha Advanced Materials. Since then, the company has been making aggressive investments under the leadership of Kim and is now poised to expand its solar power and renewable energy businesses.

Over the past two years, Hanwha Solutions has invested 1.3 trillion won into the renewable energy business.

In 2020, Hanwha acquired SwitchDin, an Australian energy management software company, Jelly, an AI-based US energy solution company and Cimarron Composites, a hydrogen high-pressure tank company. Last year, it acquired RES France, a French renewable energy developer.

Through those investments, Hanwha aims to supply renewable energy and solar modules to the European and the U.S. markets.

"Hanwha Solutions has been focusing on upstream businesses, such as developing solar panels, but now we are investing more to include the downstream solar business aiming to sell renewable energy to consumers, which we have been doing in Germany," a Hanwha Solutions official said.

The investments in new businesses are expected to accelerate and the U.S. market is particularly in focus with U.S. President Joe Biden's eco-friendly drive.

The Biden administration is pursuing the so-called Build Back Better (BBB) plan that proposes to increase federal investment tax credits (ITC) from 26 percent to 30 percent and extend it for at least 10 years if a certain percentage of solar parts are manufactured within the U.S.

"Hanwha Solutions is the leading residential solar company in the U.S. and operates the largest solar panel plant in the Western hemisphere in the U.S. state of Georgia," a Hanwha Solutions official said. "The increase in tax breaks and subsidies under U.S. President Joe Biden's eco-friendly drive is expected to provide great benefits."

SolarReviews, a consumer review website focusing on the solar industry, forecasts the legislation will increase the rate of U.S. residential solar installations from around 750,000 homes in 2021 to more than 1.5 million homes per year by 2024.

Backed by strong sales from the renewable energy sector, Hanwha Solutions aims to achieve 21 trillion won in sales by 2025.


Emailhyunbin@koreatimes.co.kr Article ListMore articles by this reporter
 
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