From Energy to Space, Kim Dong-gwan's Grand Vision

French Renewable Energy Company
Acquires with 1 Trillion Won Investment... Largest Scale
Secures Europe's Largest Solar Module Sales Channel
Steady Investments in Hydrogen and Satellites

Kim Dong-kwan, President of Hanwha Solutions. Photo by Hanwha

[Asia Economy Reporter Choi Dae-yeol] Kim Dong-kwan, President in charge of the Strategy Division at Hanwha Solutions (photo), was appointed CEO in October last year. Hanwha Solutions is a company that merged group affiliates including petrochemical material businesses such as raw materials and processing, as well as solar energy (Q CELLS) and distribution (Galleria). Among these, the area President Kim focuses on the most is the energy business.

As the climate crisis becomes a reality, the paradigm surrounding the energy industry is changing not only in Korea but globally. The century-long carbon-centered energy industry is widely agreed to inevitably hand over leadership to renewable energy sources such as solar and wind power. President Kim has also emphasized that companies must take a more proactive role to accelerate the green energy era.

Hanwha Solutions' recent acquisition of the French renewable energy company RES France is in line with this perspective. Given the nature of the energy industry, which requires significant resources over a long period, expanding scale and taking preemptive measures are seen as essential to enhance competitiveness in the market. RES France is a subsidiary of the 40-year-old UK renewable energy specialist RES Group, engaged in renewable energy business development and construction management for solar, onshore and offshore wind, and energy storage systems (ESS). This acquisition adds wind power, a new business under review, to Hanwha’s solar portfolio, which it has been developing for over 10 years.

In addition, Hanwha Solutions will increase its global renewable energy project capacity from 10GW to 15GW, a roughly 50% jump, while securing solar module sales channels in Europe. The company expects to achieve economies of scale and diversify its business areas and regions. The acquisition target includes RES France’s development and construction management division and 5GW worth of solar and wind power plant development rights, transacted for 727 million euros (984.3 billion KRW). This is the largest corporate acquisition since Hanwha Solutions officially launched last year.

President Kim has been steadily leading Hanwha Group’s solar business, from SolarOne and Q CELLS to Hanwha Solutions. Just as his father, Kim Seung-yeon, Chairman of Hanwha Group, took early charge of company management and expanded the business through successful mergers and acquisitions, President Kim is driving major decisions in the renewable energy sector. He is also steadily building capabilities in the hydrogen business, considered the next-generation energy source. Last year, Hanwha acquired Simaron, a high-pressure tank startup that began as an internal venture at NASA, as well as PSM and ATH, which possess hydrogen co-firing technology.

Following a capital increase worth about 1.2 trillion KRW in December last year, Hanwha Solutions signed an agreement in May this year with the Korea Development Bank to receive up to 5 trillion KRW over five years to foster green energy. At that time, President Kim said, "We will advance our green energy business model and develop next-generation new technologies to prepare for a new decade as a global green energy leader."

Alongside the energy business, President Kim is also interested in the space business, which similarly does not yield visible results in the short term. To support the global networking of satellite company Satrec Initiative, acquired last year, he joined as an unpaid director. He also formed Space Hub, led by field engineers from Hanwha Aerospace and Hanwha Systems, affiliates related to space and aviation businesses, and took the role of team leader himself. President Kim has emphasized that surpassing advanced overseas private space companies such as SpaceX and Blue Origin requires even greater investment.

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