Hanwha signs historic solar contract

Hanwha Q Cells, Hanwha Group’s solar power-related affiliate, said Monday it has inked the biggest single-supply contract in the history of the solar power industry with NextEra Energy, the second-largest power company in the United States.

The deal will supply modules that can produce 1.5 gigawatts (GW) of solar energy to NextEra from the fourth quarter this year to the end of next year.

NextEra will use the modules in future solar power plants. With the contract, Hanwha Q Cells said it has established a bridgehead to expand its business; the U.S. company agreed to discuss buying more Hanwha modules for a solar power plant it will start building after 2017.

The NextEra produces about 42 GW of electricity per year in North American regions including the United States and Canada, and has been increasing its investment in the solar power business. It plans to build a new 1.6 GW sunlight power plant in 2016.

Hanhwa Group Chairman Kim Seung-youn has been a longtime investor in the solar industry, saying that the solar business would be the group’s new growth engine.

“This contract will increase our presence in the United States, one of the world’s largest solar power business markets,” said Nam Seong-woo, CEO of Hanwha Q Cells.

BY KWON SANG-SOO [kwon.sangsoo@joongang.co.kr]