Hanwha Q CELLS Enters Wind Power Generation Business

[Asia Economy Reporter So-yeon Park] Hanwha Q CELLS is making its first foray into the wind power generation business.

On the 9th, Hanwha Q CELLS signed a Memorandum of Understanding (MOU) for cooperation on the Pyeongchang wind power generation project with Pyeongchang County Office, Korea Midland Power, and Taehwan at the Pyeongchang County Office in Gangwon Province.

This MOU concerns collaboration on wind power projects within Pyeongchang County, including the establishment of a 40MW (megawatt) class wind power plant in Pyeongchang. Pyeongchang County plans to build a mountain tourism business foundation, while participating companies aim to contribute to increasing local community income and creating jobs.

Korea Midland Power will support project development, purchase all Renewable Energy Certificates issued from electricity generated by the wind power plant, and participate in the operation and maintenance of the power plant. Hanwha Q CELLS will carry out the EPC (Engineering, Procurement, and Construction) of the wind power plant, and Taehwan will oversee project development, including permits and approvals.

Hanwha Q CELLS has focused on solar cells and module businesses so far, but since establishing the vision to evolve into a 'total energy solution company' in January this year, it has been promoting and preparing various businesses beyond solar power, such as solar solutions combined with energy storage systems (ESS), power plant development projects, and electricity sales directly to consumers. Wind power generation is one of these attempts.

In related activities, in May, Hanwha Q CELLS signed an MOU with Hyundai Motor Group to jointly develop and deploy solar-linked energy storage systems based on reused electric vehicle batteries. In August, it acquired the U.S. energy management system company Geli (Growing Energy Labs) to prepare for entry into future energy businesses utilizing big data and artificial intelligence (AI). Additionally, last month on its anniversary, Chairman Kim Seung-yeon emphasized establishing Hanwha as a 'global leader in the eco-friendly market economy,' and the company is collaborating with group affiliates such as Hanwha Solutions' Chemical and Advanced Materials divisions on green hydrogen projects.

Kim Hee-chul, President of Hanwha Q CELLS, stated, "Hanwha Q CELLS is transforming into a solution company that responds to the rapidly changing global energy market. We will promote this project through collaboration with the participating companies in this agreement, who have extensive experience in the wind power business."

Meanwhile, Hanwha Q CELLS has built high recognition in key markets. Domestically, on the 1st, it was selected as the winner in the 'Global Best Company' category for the third consecutive year at the '2020 Korea Consumer Awards' hosted by the Korea Consumer Agency. In August, it was ranked first in the electric industry sector at the 'Highest Reputation Award' hosted by the prominent German economic magazine FOCUS MONEY. In the U.S. residential and commercial solar markets, it achieved the number one market share in the first half of 2020, following 2019.

This content was produced with the assistance of AI translation services.