Hanwha Solutions Sells Partial Stake in Advanced Materials... Expands US Solar Power Business

[Asia Economy Reporter Kang Nahum] Hanwha Solutions announced on the 11th that it has signed a contract to sell 47.24% stakes each in Hanwha Advanced Materials and HAM Holdings, which are scheduled to be spun off next month, to Glenwood Credit, a private equity fund (PEF) management company, for a total of 680 billion KRW.

HAM Holdings is a 100% subsidiary engaged in lightweight composite materials for vehicles in the United States and other countries.

Hanwha Solutions plans to use 500 billion KRW out of the 680 billion KRW proceeds from the equity sale, raised through the sale of existing shares, as funding for its solar power business in the United States.

The company explained that owning solar manufacturing facilities in the U.S. will allow it to receive various supports such as tax credits starting next year under the Inflation Reduction Act (IRA).

Hanwha Advanced Materials will raise 180 billion KRW through new share issuance to strengthen its lightweight composite materials business, which is expected to expand in the market, and its solar film materials business.

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