Minister of Industry Visits Solar Module Company Sinsung ENG... "Active Support for Carbon Neutral Industry Investment"

On-site Inspection of Solar Module Factory in Free Trade Zone, Gimje-si, Jeollabuk-do

Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy explaining the key points of the 'Green New Deal' on the morning of July 16 last year at the Government Complex Sejong in Sejong City. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that Minister Sung Yun-mo will visit the module factory of solar module manufacturer Sinsung ENG in Gimje-si, Jeollabuk-do at 3 p.m. on the 12th.

The company decided last April to invest in a new 700MW-scale module manufacturing plant within the Gimje Free Trade Zone.

After establishing the factory facilities in December of the same year, it has been producing world-class high-output modules ranging from 440 to 530W since January this year.

The Ministry of Trade, Industry and Energy stated that Minister Sung visited the site to inspect domestic solar module production before concretizing carbon neutrality policy tasks and to encourage companies that made new investments despite challenges such as the COVID-19 pandemic.

Last year, the government presented a vision to expand the distribution of renewable energy and foster related new industries through the announcement of the Green New Deal policy and the declaration of carbon neutrality.

Investments in technology development and new production facilities by domestic solar companies are also increasing. This year, Hanwha Solutions raised about 1 trillion won through a paid-in capital increase to invest in next-generation product development and production in the solar business.

Hyundai Energy Solutions established new production facilities for large-area, high-output cells and modules. The modules were produced in July last year, and the cells were produced this year.

As announced in the 'Solar R&D Innovation Strategy' last September, the government plans to concentrate the solar R&D budget on developing next-generation high-efficiency solar cells in the domestic solar industry.

By next year, the government plans to establish a 'Solar Corporate Joint R&D Center.' Through the policy-type New Deal Fund and the Green Guarantee System, which will be launched in earnest this year, it intends to induce facility investment and R&D (M&A) funding support for the domestic new and renewable energy industry.

Minister Sung emphasized, "In a situation where global competition in the renewable energy industry is fierce, it is more important than anything else for the industry to invest proactively and boldly."

He added, "To successfully promote carbon neutrality, it is necessary for the domestic renewable energy industry ecosystem to be firmly supported, and the government will actively support industry investments."