Hanwha Solutions investing $2.5 billion in U.S. solar plants
Hanwha Solutions is investing $2.5 billion in establishing a solar power manufacturing in the United States through next year.
It is the biggest solar investment in the United States ever, according to the solar cell manufacturer.
Hanwha Solutions plans to produce not only solar cells and modules but also raw materials, such as polysilicon and ingot.
Hanwha Solutions’ Q Cells is running a 1.7-gigawatt solar module factory in Georgia. With the latest investments, the company aims to reach a combined capacity of 8.4 gigawatts.
Hanwha Solutions is expecting $875 million of tax benefits a year through the U.S. Inflation Reduction Act (IRA) enacted last year.
With the passing of the IRA in August last year, Hanwha Solutions has been pushing to strengthen its foothold in the country. Under the IRA, the tax credit for solar is increased, and domestically made cells get a tax credit 10 percentage points higher than imported cells.
Hanwha Q Cells USA, the company’s U.S. subsidiary, will set up a subsidiary dedicated to the project.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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