Hanwha Solutions issuing $1.1 billion of new shares
Hanwha Solutions, a leading renewable energy and chemical company, will raise 1.2 trillion won ($1.1 billion) by issuing new shares in a move to support its solar power business.
About 1 trillion won will go toward developing advanced solar energy materials and modules with an aim of proving technological supremacy compared to Chinese manufacturers, the company said in a statement released on Monday.
The proceeds will also be used to invest in solar power projects in the United States and Europe, one of the largest markets for renewable energy sources. The company will be also on the lookout to buy software companies with an expertise in automated energy storage systems.
The remaining 200 billion won will be spent on producing hydrogen from existing solar and wind power facilities.
BY PARK EUN-JEE [firstname.lastname@example.org]