Hanwha Q Cells to purchase expensive renewable energy

Hanwha Q Cells' factory in Jincheon, North Chungcheong. [JOONGANG PHOTO]

Hanwha Q Cells will further embrace renewable energy through a program run by the Industry Ministry.

The solar cell manufacturer will pay premium fees to Korea Electric Power Corporation for using electricity derived from renewable energy as part of the program called K-RE100.

The policy aims to become the Korean version of the Renewable Energy (RE) 100, a global initiative to realize a 100-percent renewable energy goal by 2050.

It is also considering buying power from other renewable energy power suppliers through power purchase agreements.

LG Chem also announced on Tuesday it has purchased 120 gigawatts of renewable energy after it took part in the state-run initiative.

The chemical company has pledged to reduce carbon dioxide emissions to net zero.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]