Hanwha sets up solar energy firm

Hanwha Group said Tuesday it has launched new company to spearhead its expanding solar power business at home and abroad.

The new venture, named Hanwha Solar Energy, will be at the center of the group’s vertically integrated solar energy business, from equipment to facilities to power generation. It will also push for cooperation with partners in North America and Europe, the company said.

The firm said it is aiming to be a leading player in the global market by securing a business size of 1 gigawatt and power generation projects of 100 megawatts a year by 2015.

“Hanwha Group is aiming to become a vertically integrated manufacturer in the photovoltaic industry from polysilicon to photovoltaic power generation,” Kim Hyun-chung, CEO of Hanwha Solar Energy, said.

“We aim to provide our customers with the optimum solution for establishing photovoltaic power plants, with the help of our financial expertise.”

The group, which marks its 60th anniversary next year, has recently been stepping up efforts to drive its future growth by fostering its solar energy business.

Last year, its affiliate Hanwha Chemical Co. acquired 49.9 percent-stake in Shanghai-based solar products maker Solarfun Power Holdings in August. Solarfun changed its name to Hanwha SolarOne in December.

Hanwha SolarOne is a manufacturer of silicon ingots, wafers and photovoltaic cells and modules in China.

The company currently has a production capacity of 500 megawatts of solar cells and 900 megawatts of modules. It plans to expand its capacity to 1.3 gigawatts of cells and 1.5 gigawatts of modules by the end of this year.

The group has also established a research center in Silicon Valley, California, last month to develop next-generation solar energy technologies.

By Koh Young-aah (youngaah@heraldcorp.com)