Hanwha Q Cells Co., a solar power unit of South Korea’s chemicals-to-defense conglomerate Hanwha Group also known as Qcells in overseas markets, signed a deal to supply solar modules and build power plants in the US, expanding its business into non-manufacturing sectors.
The unit of Hanwha Solutions Corp. said on Wednesday that Qcells Enable, Qcells’ solar engineering, procurement and construction (EPC) subsidiary, agreed with True Green Capital Management (TGC), a specialized renewable energy infrastructure private equity firm.
Qcells plans to install up to 450 megawatts (MW) across commercial, community and industrial solar and grid projects for TGC throughout the US in 2024-2025, while Qcells Enable is set to provide turnkey EPC services for power plants. The solar modules will be supplied by Qcells’ fully integrated solar supply chain factory in the US State of Georgia, which is set to start commercial operations at the end of this year.
TGC is currently focusing on the commercial solar business utilizing rooftops and parking lots of buildings and the community solar business in the US. The community solar programs make solar options more accessible to all Americans, particularly to those with low-to-moderate incomes, renters, and other community members for whom traditional rooftop solar installation is unavailable.
EXPANDS INTO NON-MANUFACTURING SECTOR
“Hanwha Q Cells’ business diversification strategy to expand into non-manufacturing sectors is paying off,” said CEO Lee Koo Yung in a statement.
“We aim to capture business opportunities based on our technology and know-how in the renewable energy sector.”
Qcells inked a deal with the US tech giant Microsoft Corp. to supply 12 gigawatts of solar panels and EPC services for eight years in January.
Qcells Enable founded in 2022 has so far secured more than $100 million in orders in the commercial EPC sector.
