Hanwha Solutions to Invest 380 Billion KRW in New Solar Cell and Module Plants in Korea and the US

Establishing Topcon Cell Line Domestically
Building Solar Module Factory in the US with 200 Billion Won Investment

Hanwha Solutions employees conducting quality inspection of solar cells (Photo by Hanwha Solutions)

[Asia Economy Reporter Moon Chaeseok] Hanwha Solutions is simultaneously making investments totaling 380 billion KRW in both South Korea and the United States. This is to establish a robust solar power supply chain (value chain) in both countries and strengthen 'energy security.'

On the 12th, Hanwha Solutions announced that it will invest approximately 380 billion KRW in South Korea and the U.S. to manufacture high-efficiency TOPCon solar cells and modules. After the investment, Hanwha Solutions will be able to produce high-efficiency solar products simultaneously in both South Korea and the U.S.

Hanwha Solutions will establish a new solar cell line using TOPCon technology domestically. Solar cells are key components in solar power generation that convert sunlight into electrical energy. To build the TOPCon solar cell line, 180 billion KRW will be invested, with production starting in the first half of next year. This is Hanwha's first investment in a solar cell line in South Korea in five years since 2017. TOPCon refers to cells made by inserting a thin oxide layer into cells based on N-type wafers. It offers about 1 percentage point higher power generation efficiency compared to existing products. Hanwha Solutions is expected to secure the largest domestic cell production capacity of 5.4 GW.

In the U.S., about 200 billion KRW will be invested to build a 1.4 GW solar module factory. Modules refer to solar power generation panels made by combining multiple cells. Hanwha Solutions will establish a facility locally in the U.S. to produce high-efficiency modules using TOPCon cells manufactured in South Korea. Production is expected to begin as early as the first half of next year. After the investment, Hanwha Solutions will secure a module production capacity of 3.1 GW in the U.S., including the existing 1.7 GW. This is the largest scale among single operators in the U.S.

Additionally, by 2025, Hanwha Solutions plans to invest 1 trillion KRW in domestic production and research facilities to continue investing in high-output product manufacturing, line conversion, and research on perovskite-based tandem cells. The company aims to strengthen research and development (R&D) and establish the latest production facilities to grow South Korea into a 'global core base' capable of producing high-efficiency solar products. Lee Gu-young, CEO of Hanwha Solutions, stated, "As leading solar power businesses in South Korea and the U.S., we will mass-produce technology-based products through proactive investments domestically and strengthen the cell and module value chains in both countries to actively respond to the increasing demand for locally produced products in the U.S."