Q Cells, the renewable energy unit of South Korea’s Hanwha Solutions [009830:KS], has secured a large-scale solar energy project in France with an annual electricity production capacity of 37.7 megawatts (MW), as reported by the Korea Economic Daily on March 28. This is part of Hanwha Solutions’ strategy to strengthen its presence in the European energy sector. Q Cells’ French unit Q Energy, formerly known as RES Mediterranee, won the bid for the project, which can meet the electricity demand of 20,000 people per year.

Hanwha Solutions announced plans in December 2020 to offer KRW1.2tr (USD990m) in new shares and spend the proceeds on solar and green hydrogen projects. It plans to acquire and develop new technologies in order to become a Total Energy Solution firm by 2025. The company intends to invest KRW1tr (USD830m) in solar energy research and development, as well as KRW200bn (USD165.3m) in green hydrogen energy. By 2025, Hanwha Solutions also stated that it aims to generate KRW21tr (USD17.36bn) in revenue and KRW2.3tr (USD1.9bn) in operating profit. It intends to reach more than half of its sales target through its new energy sector alone.

Sources:

https://www.kedglobal.com/energy/newsView/ked202203280001

https://www.kedglobal.com/cn/%E5%8F%AF%E5%86%8D%E7%94%9F%E8%83%BD%E6%BA%90_/newsView/ked202101150004

https://www.kedglobal.com/cn/%E7%8E%AF%E4%BF%9D%E8%83%BD%E6%BA%90_/newsView/ked202012220008