Hanwha Solutions to invest 3.2 tln won in U.S. solar plants

▲ The Hanwha Q Cells Georgia solar cell plant 출처 : 산경투데이(https://www.sankyungtoday.com)

By Steve Yoon



Hanwha Solutions under Hanwha Group is investing 3.2 trillion won (US$2.57 billion) to build a solar panel parts plant in Georgia by the end of next year.



It is the biggest solar investment in the United States ever, according to the solar cell manufacture. Hanwha Solutions also plans to  produce not only solar cells and modules but also raw materials, such as polysilicon and ingot and expand its existing facility in Dalton, Georgia.



Hanwha Q Cells, part of Hanwha Solutions, 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. That is equivalent to the total amount of electricity that 1.3 million average U.S. households use in a year.



Hanwha Solutions is expecting $875 million of tax benefits a year through the U.S. Inflation Reduction Act (IRA) enacted last year. Under the IRA, domestically made solar modules attract a tax credit of 7 cents per watt. U.S.-made solar cells get a 4-cent tax credit per watt and ingots about 4.69 cents per watt. Wafers get a $12 credit for every square meter produced.



U.S. President Joe Biden on Wednesday welcomed Hanwha Solutions' plan saying

"Hanwha's Q CELLS investment will create thousands of good-paying jobs in Georgia, many of which won't require a four-year degree" in his released statement.



"It will bring back our supply chains so we aren't reliant on other countries, lower the cost of clean energy, and help us combat the climate crisis. And, it will ensure that we manufacture cutting-edge, solar technology here at home. It's a win for workers, consumers, and our climate," he added.



White House Press Secretary Karine Jean-Pierre called the investment plan "further evidence" of President Biden's economic plan delivering for American workers.



"This investment will create 2,500 jobs in Georgia, and represent the single largest investment in solar manufacturing in the United States," she said at the top of a daily press briefing at the White House.



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Hanwha Solutions to invest 3.2 tln won in U.S. solar plants